Orbit has successfully agreed a deal with PA Housing for the transfer of 180 properties within Elmbridge.
The deal will transfer 140 general needs homes, 12 shared ownership homes, 13 supported houses and 15 owner occupied properties to PA Housing who already own or manage more than 5,300 properties in Elmbridge.
Commenting on the deal, Group Director of Customer and Communities at Orbit, Paul Richards, said: “We’re delighted to have agreed this transfer with PA Housing as part of our portfolio densification strategy, driving operational efficiencies for Orbit and supporting the delivery of more affordable new homes. This opportunity attracted significant market interest and we are pleased that PA Housing, as a strong local registered provider who shares our values, was successful.
“As a sector-leading developer of affordable homes, the proceeds of this deal will help fund much-needed homes in our key operational areas and support increased investment in our existing properties, supporting our mission to build thriving communities.”
Ian Watts, PA Housing Executive Director of Customer Services, said: “The acquisition from Orbit has provided PA Housing with a fantastic opportunity to continue growing our presence in Elmbridge.
“We have worked well with Orbit to ensure the transfer is smooth and we are delighted to welcome our new customers – especially as many are already familiar with us as an established local housing provider.”
Orbit was supported by real estate advisors, Jones Lang Lasalle, and Anthony Collins Solicitors throughout the process.