REG - Residential Secure - Sale of second local authority housing property

Residential Secure IncomeAnnouncement

13/01/2025 14:30

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RNS Number : 1258T  Residential Secure Income PLC  13 January 2025

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FOR IMMEDIATE RELEASE

 

13 January 2025

Residential Secure Income plc

 

Sale of Wesley House, Luton

 

Residential Secure Income plc ("ReSI") (LSE: RESI) is pleased to announce that
it has completed the sale of Wesley House, its second local authority housing
property in Luton, which is used by Luton Borough Council to house residents
in need.

 

The sale completed for a net consideration of c.£15 million, marginally in
excess of the £14.8 million valuation reported in the interim results as at
31 March 2024. The sale proceeds will enable ReSI to repay its £15 million
floating rate debt with Santander in full.

 

The sale of this property means that as ReSI implements its managed wind-down
strategy, it is concentrated exclusively in the independent retirement rentals
and shared ownership residential sub-sectors.

 

- Ends -

 

For further information, please contact:

 

 Gresham House Real Estate

 Ben Fry                            +44 (0) 20 7382 0900

 Sandeep Patel

 Peel Hunt LLP

 (Broker & Financial Adviser)       +44 (0) 20 7418 8900

 Luke Simpson

 Huw Jeremy

 KL Communications                  gh@kl-communications.com (mailto:gh@kl-communications.com)

 Charles Gorman                     +44 (0) 20 3882 6644

 Charlotte Francis

 

About ReSI plc

 

ReSI plc (LSE: RESI) is a real estate investment trust (REIT) focused on
delivering secure, inflation-linked returns with a focus on two residential
sub-sectors in UK residential - independent retirement rentals and shared
ownership - underpinned by an ageing demographic and untapped and strong
demand for affordable home ownership.

 

ReSI plc's purpose is to deliver affordable, high-quality, safe homes with
great customer service and long-term stability of tenure for residents. We
achieve this through meeting demand from housing developers, housing
associations, local authorities, and private developers for long-term
investment partners to accelerate the development of socially and economically
beneficial affordable housing.

 

ReSI plc's subsidiary, ReSI Housing Limited, is registered as a for-profit
Registered Provider of social housing, and so provides a unique proposition to
its housing developer partners, being a long-term private sector landlord
within the social housing regulatory environment. As a Registered Provider,
ReSI Housing can acquire affordable housing subject to s106 planning
restrictions and housing funded by government grant.

 

In December 2024, shareholders voted for and accepted a new investment
objective which seeks to realise all the existing assets in the Company's
portfolio in an orderly manner. The Company will pursue its investment
objective by effecting an orderly realisation of its assets while seeking to
balance maximising returns for Shareholders against timing of disposals whilst
ensuring the interests of residents are protected. Capital expenditure will be
permitted where it is deemed necessary or desirable in connection to the
realisation, primarily where such expenditure is necessary to protect or
enhance an asset's realisable value, to comply with statutory or regulatory
obligations, to protect other stakeholders, to comply with the terms of any
funding arrangement or to facilitate orderly disposal.

 

About Gresham House and Gresham House Real Estate

 

Gresham House is an alternative asset manager committed to operating
responsibly and sustainably, taking the long view in delivering sustainable
investment solutions.

 

Gresham House Real Estate offers long-term equity investments into UK housing,
through listed and unlisted housing investment vehicles, each focused on
addressing different areas of the affordable housing problem. Each fund aims
to deliver stable and secure inflation-linked returns whilst providing social
and environmental benefits to its residents, the local community, and the
wider economy.

 

Further information on ReSI plc is available at www.resi-reit.com
(http://www.resi-reit.com) , and further information on Gresham House is
available at www.greshamhouse.com (http://www.greshamhouse.com)

 

 

 

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