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Sage Homes, which was established by funds managed by Blackstone Inc. (NYSE:BX) and Regis Group plc, disclosed that it has sold over 3,000 shared-ownership homes located across 250 sites to Universities Superannuation Scheme Limited (USSL), the sole trustee for Universities Superannuation Scheme in the U.K.
The £405 million ($519 million) transaction is the largest shared ownership portfolio acquisition since 1990, marking a significant investment by one of the U.K.’s largest institutional investors.
Sage Homes was established in 2017 through a joint venture between Blackstone and Regis. Sage has invested around £3.7 billion to develop 22,600 affordable rent and shared ownership homes, with over 17,000 completed to date.
James Seppala, Head of Real Estate Europe, Blackstone, stated, “By deploying capital to fund the development of new homes, we are proud to have created an institutional grade portfolio which has, in turn, attracted more long-term institutional capital into the sector. This transaction will allow us to continue to invest capital into Sage Homes to help alleviate the structural undersupply of housing across the U.K.”
Eamon Ray, Head of Private Credit and Alternative Income, USS, commented, “Sparrow Shared Ownership will provide further capital into the UK shared ownership sector, and we look forward to supporting the Sparrow team in delivering on their vision for the organisation. This investment allows USS to use its long term capital to support the multi-decade nature of Sparrow’s business plan whilst supporting the UK Social Housing Sector.”
Also Read: Blackstone Sells $964M Apartment Portfolio To Equity Residential
In another development, Blackstone is exploring options for Clarion Events, including a sale that could value the business at up to $2.6 billion, Reuters reported, citing people familiar with the matter.
Investors can gain exposure to the BX stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and Invesco Global Listed Private Equity ETF (NYSE:PSP).
Price Action: BX shares are up 2.37% at $132.35 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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