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Clarke Willmott acts on sale of almost 400 shared ownership homes

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Clarke Willmott acts on sale of almost 400 shared ownership homes

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Clarke Willmott facilitated a £35m sale of 390 shared ownership homes for Orbit Group to LGAH

The leading social housing team at national law firm Clarke Willmott LLP has facilitated the sale of 390 shared ownership homes, valued at nearly £35 million. Acting on behalf of the housing provider Orbit Group, Clarke Willmott managed the transfer of these homes to Legal & General Affordable Homes (LGAH), a subsidiary of the Legal & General Group.

The properties span 32 local authorities across the North and South Home Counties, the East and West Midlands, and Norfolk. Vicky Kells, partner and joint head of Clarke Willmott’s social housing sector, expressed delight in working with Orbit on this significant transaction. She noted that having an established relationship with Orbit allowed for an efficient deal completion and a positive outcome.

“The proceeds of the sale will be reinvested into Orbit’s homes and communities, benefitting countless residents nationwide. A big thanks to our multi-disciplinary team who assisted this client in achieving its goals,” Kells stated.

Jonathan Wallbank, group finance director at Orbit, emphasised the organisation’s commitment to providing quality, safe, and affordable homes, as well as creating inclusive and sustainable neighborhoods. He noted that transferring these shared ownership homes to a responsible landlord aligns with Orbit’s strategy to enhance geographical efficiencies and improve customer satisfaction, value for money, and services.

The acquisition, funded by Legal & General’s Institutional Retirement division, supports their ambition to increase investment in the affordable housing sector. Ben Denton, chief executive of LGAH, highlighted that this acquisition helps ease pressure on local balance sheets, allowing funds to be redirected to areas of greater need.

Orbit Group manages a growing portfolio of over 47,000 affordable and social rent homes and supports over 100,000 customers. It is also one of the UK’s largest developers of affordable housing, with plans to build 5,700 new homes by 2030. The deal was also supported by real estate advisors JLL.

Clarke Willmott, celebrating its 135th anniversary, operates from offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton, and Taunton. Its social housing team is among the largest in the UK, representing over 100 housing associations and local authorities nationwide.

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