Adactus buys 480 homes in multi-million pound deal

LANCASHIRE-based Adactus Housing Association has bought 480 homes across Sefton and Ellesmere Port, for an undisclosed sum.

Adactus, based in Leigh, has bought the homes, a mix of social housing, shared-ownership and assisted-living properties in North Sefton, South Sefton and Ellesmere Port, from London housing organisation Servite Houses.

Paul Lees, group chief executive of Adactus Housing Association, said: “The properties we have acquired no longer fitted with Servite’s strategy, but their location in challenging areas of the region were perfect for our strategy of expanding our portfolio of housing in the North West.”

Funding for the multi-million pound deal was provided by Yorkshire Bank’s Manchester Financial Solutions Centre.

Martin Yates, business partner at Yorkshire Bank’s Manchester FSC, said: “This was an excellent opportunity for the bank to support a well-run local housing association.

“The acquisition enables Adactus to benefit from significant operational synergies as the portfolio aligns itself well to its existing business and assists its overall growth strategy.”