For-profit eyes shared ownership expansion after cash injection
LONDON: A for-profit housing provider has outlined major expansion plans after receiving new financial backing from a large European investment firm.
St Arthur Homes, which originally registered with the Regulator of Social Housing in 2013, has said that it now plans to deliver more than 2,000 shared ownership homes in the next five years after it secured investment from European investment firm ESO Capital.
Prior to the backing, the provider developed only a handful of properties each year.
It will now be focusing on developing shared ownership homes exclusively, and is eyeing up partnerships with housing associations, developers and local authorities, as well as picking up Section 106 deals.
ESO Capital is a specialist investment firm that focuses its money on SMEs in the UK and Ireland, the Benelux region and the Nordics. It has invested more than €1bn across 75 deals in Europe.
Its investment deals in the UK include facilities management companies and green energy companies.
The firm also backs Manchester-based regeneration company PlaceFirst, which develops build-to-rent housing across the North of England.
Since securing the ESO investment in March, St Arthur Homes has delivered 60 homes, with some supported by Homes England funding. It aims to grow that to 200 homes by the end of 2021.
The majority of these homes will be delivered through Section 106 but the association does have two schemes, in Southampton and Welwyn Garden City, which will provide additional shared ownership homes and will be part-funded by Homes England grant.
To help with the expansion of the organisation, St Arthur has brought in John Walton as its partnerships and acquisitions director.
Mr Walton has worked for several housing associations including Wandle, Gateway and Accent.
He joined St Arthur Homes from Places for People, where he was head of development for its Southern business.
The group has also recruited former Cala Homes and Clarion employee Louise Mills as its senior sales manager.
