Derwent Living has taken over the ownership and management of 111 properties from leading provider of integrated housing services Metropolitan – in a transfer sale of more than £6 million.
Nottingham-based Metropolitan has transferred 51 of its social rented homes in the Derbyshire Dales district and 60 in Bolsover to Derby-based housing provider Derwent Living.
The properties transferred to Derwent Living on 14 January, bringing its total number of properties to more than 15,100.
Sam Veal, head of development at Derwent Living, said: “We are delighted to have secured these properties. The acquisition will strengthen our position as a leading Midlands housing provider – and further underpins our services in the Derbyshire area.
“Derbyshire is Derwent Living’s home county and this deal strengthens our business in a core area of our operation.”
Metropolitan is a leading provider of integrated housing services, care and support and community regeneration operating in the East Midlands, London and the East of England.
Simon Marks, senior project manager at Metropolitan, said: “This portfolio was acquired by Metropolitan through a merger some years ago and is remote from our other stock holdings in the Derby area.
“The transfer furthers our stock rationalisation strategy, under which we want to focus attention and investment on our core operational areas. As a social housing provider with an established local stock holding. Derwent Living is well placed to take over the landlord function for these homes. We have undertaken a rigorous assessment of Derwent Living’s housing management services, to ensure that the transfer represents a good deal for our residents.”
The sale follows on from a landmark £45 million deal achieved by Derwent Living in 2011 which saw the transfer of 1144 social properties from another housing association Home Group which was rationalising stock outside its key area in the north east.
The deal, funded through the Aviva Group, brought Derwent Living’s stock total to around 15,000 properties – making it one of the largest housing associations in the Midlands.
Derwent Living was the first ever housing provider to acquire direct investment of pension fund money into social housing via Aviva. It was seen as a catalyst transaction which could benefit the whole of the housing industry.
Derwent Living provides affordable living to suit a wide range of lifestyles. Formed in 1964, the Derwent Living group manages more than 15,000 properties in the Midlands, South Yorkshire and South East. Its broad portfolio includes homes to rent for people on lower incomes, large scale student accommodation, homes to rent, or part-buy part-rent for professionals & NHS staff, homes to rent and buy for the over 55s, specialist housing including an award winning domestic violence service.