Business
UPDATE ON INVESTMENT PIPELINE
UPDATE ON INVESTMENT PIPELINE.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \nRNS Number : 3577R Residential Secure Income PLC 21 September 2017 \n\n \n \n \n21 September 2017\nResidential Secure Income plc \nUPDATE ON INVESTMENT PIPELINE\nResidential Secure Income plc (\"ReSI\") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that significant progress on the investment pipeline has been made by ReSI Capital Management Limited (the \"Fund Manager\") in the period since its IPO in July 2017.\n \nIn particular, the Fund Manager is in the process of finalising terms with three Housing Associations for the acquisition of three separate Shared Ownership portfolios in Southern England for a total consideration of approximately £250 million. It is currently expected that these transactions will be contracted by the end of 2017, or shortly thereafter. The Fund Manager expects that long term investment grade equivalent debt will be raised on or shortly after each respective acquisition date in line with ReSI's investment strategy. \n \nIn addition, the Fund Manager has entered into exclusive due diligence in respect of the acquisition of, in aggregate, approximately £100 million of Rental Homes which are managed by a Housing Association and principally located in Southern England. This transaction is expected to contract during November 2017, subject to final due diligence. The Fund Manager has received long term investment grade equivalent debt funding offers for this acquisition. \n \nThe Fund Manager is also progressing a further pipeline of Shared Ownership Homes and Rental Homes with three other Housing Associations with an aggregate purchase consideration of over £200 million.\n \nReSI therefore expects that the net proceeds of the IPO, plus leverage, will be fully deployed well within the nine month period referred to in ReSI's IPO prospectus.\n \n \nFOR FURTHER INFORMATION, PLEASE CONTACT: \n\n\n\n\nReSI Capital Management Limited\nJonathan Slater, Chief Executive\nKen Youngman, Chief Financial Officer\nBen Fry, Investment Manager\nAlex Pilato, Director\n\n\n+44 (0) 20 7382 0900\n\n\n\n\n \n\n\n \n\n\n\n\nJefferies International Limited \nStuart Klein\nGary Gould\n\n\n+44 (0) 20 7029 8000\n\n\n\n\n \n\n\n \n\n\n\n\nFTI Cons...