Gerald Eve, on behalf of a private charity client, has sold Project Oak, a 192-unit West London social housing investment portfolio, to Shepherds Bush Housing Group, for £43m.
Portfolio incorporates 192 long-leasehold units across the London Borough of Ealing, let on individual leases to registered social housing provider Plexus UK, guaranteed by Mears Group PLC for an unexpired lease term of 15 years, and further secured by a nominations agreement with Ealing Council for a remaining 55 years.
All the units are one, two or three-bedroom flats within purpose-built blocks in established residential locations, with the majority clustered around Northolt, Southall and Greenford. The freeholds of nearly 60% of the assets are owned by the London Borough of Ealing, with the remainder held by private landlords or housing associations.
