Search

Genesis’ £125million deal for Stratford Halo

15:48 19 January 2013

Housing association Genesis has signed a financial arrangement for £125 million with an investment company allowing it to rent 400 private homes.

The deal, with M&G Investments, means Genesis can rent out the properties at the Stratford Halo development at market rental rates over the next 35 years. M&G paid Genesis £125 million for the flats for which the former will receive rent.

Without the deal, Genesis would have had to sell the properties to buy-to-let investors.

The move comes in the wake of a Government report which indicated a need for housing associations to change their financial structure while continuing to provide mixed tenure housing.

The Stratford Halo development, due for completion this year, includes over 700 properties housing a mixture of tenants encompassing affordable rented and shared ownership as well as retail commercial and leisure space. The 43 floor residential tower is based at the main entrance to the Olympic Park and will create a new London landmark.

Jonathan Clarke, Genesis’s Director of Corporate Finance, said: “This transaction is a strategic response providing Genesis with greater investment capacity in the future when the level of public subsidy for new affordable housing is expected to fall further.”

Robert Kerse, Genesis’ Executive Director of Resources, said: “As a regulated and reputable landlord, we will retain the management of these properties so ensuring a professional service and avoiding the problems which can arise under multiple or absentee landlords.”

0 comments

Latest Newham News Stories

15 minutes ago
The Blackwall Tunnel has reopened following a massive oil spill yesterday

The Blackwall Tunnel has reopened after a huge fuel spill closed the road for 20 hours, causing chaos for motorists.

TfL
Yesterday, 19:00
Newham is the subject of a BBC documentary

People of all backgrounds have been speaking out against a new BBC documentary about the decline of Newham’s white British population.

BBC
Yesterday, 17:00
Apprentice reporter Jacob Ranson has his locks chopped off for charity

The Recorder’s apprentice reporter has had his long locks chopped off for a good cause.

Yesterday, 14:28
A house in Churlston Avenue, Upton Park, is alleged to be a brothel

Angry neighbours say that a brothel is operating from a house in their street in Upton Park.

Ken Clark

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

Competitions

Win a BMW 1 series

There are fewer cars currently on the market more stylish and exciting than the BMW. Known all over the world as one of the best car manufacturers, the BMW is renowned for sleek designs and fantastic high quality workmanship.

Read more
Kindle 7 inch tablet

Are you looking for a brand new gadget to help you stay connected on the go and make that long journey home a bit more entertaining? Look no further. MyOffers is giving you the chance to win 1 of 50 Kindle Fire 7” Display Tablets! That’s 50 times more chances to win, so hurry up and enter our competition today and you could be one of our lucky winners!

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe