Yesterday (14 October 2024), non-profit Sanctuary Housing Association announced that it is seeking a buyer for 5,600 beds across 21 of its student schemes totalling £400m.
The potential sale forms part of Sanctuary’s objective to unlock and recycle capital for new investment within its existing affordable homes.
The 125,000-home association is currently looking at options to sell the assets in eight different locations: Manchester, Salford, London, Brighton, Bradford, Falmouth, Liverpool, Preston and Ormskirk.
“Sanctuary is considering options for the potential sale of its student accommodation assets as part of its objective of unlocking and recycling capital for new investment in its existing affordable homes.”
Spokesperson, Sanctuary
Sanctuary was established over 50 years ago and now provides housing and care in England and Scotland to more than a quarter of a million people. The company aims to build affordable homes and sustainable communities in desirable areas.
The company’s bigger properties have on-site teams with all of its sites providing residential access to a 24-hour support network. The support teams include caretakers, online reporting and a maintenance helpline for any emergency repairs.
“We are pleased with our financial results for the year and the Group remains in robust financial health. We have delivered record investment in our customers’ homes, despite the financial pressures, and have successfully undertaken the rescue of a financially troubled peer for the benefit of residents and their homes, as well as the wider social housing sector.
“A more stable economic landscape combined with our investment grade credit ratings places the Group in a strong, financially sustainable position to pursue our strategic objectives, deliver to our customers and fulfil our wider social purpose.”
Ed Lunt, Chief Financial Officer, Sanctuary
In July, Sanctuary stated in its annual report that the last 12 months have seen the company successfully navigate through recent macro-economic challenges and achieve a sound financial performance, while delivering record levels of reinvestment in homes for the second consecutive year for the benefit of its customers.
