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LINQ Housing plc has acquired 40 market rent residential properties from NU living, a trading name of Swan New Homes, the development arm of Swan Housing Association, at its Blackwall Reach development in Tower Hamlets, East London (E14).
The homes were let and will be managed on behalf of LINQ by HERA Management Services Ltd, the property management arm of Swan.
Swan has also obtained a share in the holding company of LINQ, LINQ Investors, alongside the existing founding shareholders, Notting Hill Genesis and LINQ Partners and will soon appoint representatives to join the LINQ Management Board. LINQ obtained long term debt funding for the acquisition from funds procured by M&G Investments, LINQ’s debt partner.
John Shinton, Chair of LINQ Investors, said:
“Since the inception of LINQ in 2016, it has been our strategic objective to attract and bring on board further strategic partners to help our growth aims. Swan will make an excellent new partner working with us alongside our other partners”.
Geoff Pearce, Deputy Chief Executive of Swan Housing Association, said:
“At Swan we are committed to delivering more great places people can call home. Our innovative approach with LINQ offers an alternative to us retaining full long-term ownership of private rental properties, which will enable Swan to create more capacity to pursue our strategic aims in both property management and development across different rental tenures. This will allow us to prioritise affordable housing, including social rent homes and further enable our large-scale regeneration which is making a real difference to lives and communities.”
Blackwall Reach is a £500m mixed used, large-scale regeneration project that will transform a key area of Tower Hamlets, replacing 252 homes with over 1,500 homes alongside commercial premises and community facilities. This transaction has been planned for a number of years and formed part of the forward guidance included in the Swan FY19/20 Annual Report.
Swan were advised by Winckworth Sherwood LLP and LINQ by Trowers & Hamlins LLP. M&G Investments were advised by Pinsent Masons LLP.
Added 26 November 2020