Law firm completes £35m sale of shared ownership homes
Clarke Willmott’s social housing team has completed the £35m sale of 390 shared ownership homes.
The homes are located across 32 local authorities in the North and South Home Counties, East and West Midlands and Norfolk.
The firm represented Orbit Group in transferring the homes to Legal & General Affordable Homes, a subsidiary of Legal & General Group.
Clarke Willmott is a national law firm with offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton.
Vicky Kells, partner and joint head of Clarke Willmott’s social housing sector, said: “We were delighted to work with Orbit again on this significant deal which forms part of its wider strategy across the UK. Having worked with the group previously, we understand their strategy and can ensure that the deal is completed efficiently, and the outcome is positive.
“The proceeds of the sale will be reinvested into Orbit’s homes and communities so it’s a real win-win and will benefit countless residents all over the country. A big thanks to our multi-disciplinary team who assisted this client in achieving its goals.”
The acquisition was funded by Legal & General’s Institutional Retirement division.
Jonathan Wallbank, group finance director at Orbit, said: “As one of the UK’s foremost not-for-profit housing groups, we’re committed to providing good quality, safe and affordable homes, and creating inclusive and sustainable neighbourhoods that prioritise the well-being and aspirations of residents.
“The transfer of these shared ownership homes to another responsible landlord is part of our strategy to increase geographical efficiencies and to improve customer satisfaction, value for money and services for customers.”
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