Operis was pleased to undertake a formal model audit for ReSI Housing, in relation to its Shared Ownership Portfolio model, which included a review of the model’s tax and accounting treatments.
On July 2, 2020, ReSI Housing, a real estate investment trust (REIT) and subsidiary of TradeRisks, reached financial close securing £300m of RPI-linked debt. The project involves the expansion of their portfolio of shared ownership properties with their new debt, provided by Universities Superannuation Scheme (USS). The initial drawdown of £34m will be secured against homes in Clapham Park and Totteridge, with further amounts available to be used for acquisitions in the next three years. The project will earn revenues through its initial sale of properties, rent and staircasing; a process by which the owner of a shared ownership property purchases further shares of the property from the housing association who owns the remaining portion, and on which rent is paid.
