Business
New shared ownership property mgmt arrangements
New shared ownership property mgmt arrangements.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0497V\n Residential Secure Income PLC\n 09 December 2021\n \n \n \n \n 9 December 2021\n \n \n Residential Secure Income plc \n \n \n Long-term arrangements for the part of shared ownership portfolio not externally managed\n \n \n Residential Secure Income plc (\"ReSI\") (LSE: RESI)\n \n is pleased to announce that is has entered into new real estate management arrangements with a subsidiary of its Investment Manager, \n ReSI Capital Management Limited\n (the \"Investment Manager\" and, together with its subsidiaries, the \"Investment Manager Group\"), covering property and estate management services for part of ReSI's shared ownership portfolio.\n \n \n \n \n \n \n ReSI has contracted on terms consistent with the third-party arrangements that currently service ReSI's shared ownership portfolio save that ReSI will benefit from more competitive pricing with the Investment Manager Group providing these services at cost, as is the case with the services for the retirement housing portfolio, with no profit arising to the Investment Manager Group from these arrangements and a maximum net cost of 4% of rents. \n \n \n \n \n \n ReSI Property Management Limited, a subsidiary of the Investment Manager acquired the team of established third-party property management services provider, Girlings, in July 2021 and has extensive real estate management experience. ReSI will continue to work with external managers where this is beneficial.\n \n \n \n \n \n The Investment Manager is a related party of ReSI under Chapter 11 of the FCA's Listing Rules and therefore the additional services to be provided constitute a smaller related party transaction under Listing Rule 11.1.10.\n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n ReSI Capital Management Limited / TradeRisks Limited \n \n \n Ben Fry \n \n \n Alex Pilato\n \n \n \n \n +44 (0) 20 7382 0900\n \n \n \n \n \n \n \n \n \n Jefferies International Limited \n \n \n Stuart Klein\n \n \n Tom Yeadon\n \n \n \n \n \n \n \n +44 (0) 20 7029 8000\n \n \n \n \n \n \n KL Communications\n \n \n Charles Gorman\n \n \n Will Sanderson\n \n \n Millie Steyn\n \n \n \n \n \n \n \n \n [email protected]\n \n \n \n +44 (0) 20 3995 6673\n \n \n \n \n \n \n \n \n...