Purchase of portfolio of 200 residential properties for use as homeless accommodation

HCR’s Real Estate Healthcare team represented the founders of a property investment company which acquires and develops residential property assets to be used for social and supported housing. The team advised on the purchase of a portfolio of residential properties for use as homeless accommodation and the subsequent sale to a real estate investment trust.

This involved the purchase of over 70 residential properties from a variety of sellers into the name of our client. Alongside this, there was the subsequent on-sale of those properties to a real estate investment trust that was putting in place a lease to a charity for the use of the properties as residential accommodation for the homeless community.

The transaction involved the coordination of numerous solicitors acting for the various sellers along with the subsequent on-sale on the same day of those properties to the fund. The transaction was time-critical in order to ensure that the homeless charity was able to bring on board sufficient stock to service the demand.

This was one of four similar transactions we undertook for this client in this period with a total just over 200 homes being brought on board.