The deal will see the property management company cover the day-to-day running, rent collection and maintenance of ReSI’s retirement housing portfolio.
Places for People own or manage nearly 200,000 homes across a range of housing tenure in the UK.
Pete Redman, of ReSi Capital Management Ltd, ReSi’s fund manager, said: ‘Following a competitive tender process, we are confident that, with the new contract structure and through working more closely together, Places for People is best placed to maximise returns from our retirement housing portfolio, with enhanced incentive to reduce voids and improve portfolio operating performance for the benefit of ReSi shareholders.’
ReSI is a real estate investment trust that invests in shared ownership and rental homes. Its portfolio comprises 2,674 properties across a mixture of shared ownership, local authority and retirement housing.