TLT has advised Southern Housing Group on a large-scale acquisition of more than 500 units from the Hyde Group, located in Woking, Rushmoor, Thurrock, Southend, Hastings, Rother, Wealden and Sevenoaks.
This is Southern Housing Group’s first major stock acquisition since 2015. It complements its existing portfolio across London and the south east of England, and supports the delivery of the Group’s expanded development programme.
The transfer is part of a successful three year stock rationalisation programme implemented by Hyde to reduce the geographical footprint of its homes and to better focus its resources to deliver services across its remaining 50,000 homes.
TLT provided the full breadth of expertise required by Southern Housing Group, including in social housing acquisitions, property litigation, employment and tax as well as volume support through TLT Resource. The team was led by legal director Hugh James with specialist advice from Linda Convery, Kane Kirkbride and Siobhan Fitzgerald.
James Price, acquisitions manager at Southern Housing Group, says: "This marks an important milestone for Southern Housing Group, and fully supports our growth ambitions. Moving forward, we will continue to work to identify new stock acquisition opportunities in London and the South East.
"We are delighted with the outcome and thankful to TLT for their expert legal advice and support. The team worked seamlessly together and with other parties to ensure a smooth transaction, in spite of relatively short time scales."
Linda Convery, partner at TLT, says: "This transaction demonstrates the continuing trend of consolidation of stock by large housing associations that are geographically dispersed. This is set to continue, as they look to achieve further cost savings.
"As this trend continues, the size of stock transfers may start to increase – bringing hundreds rather than tens of units to the market. This could increase competition among groups that are looking to increase their share of the market."