Blackstone sells 3,000 homes for £405 million

In a landmark transaction, the Universities Superannuation Scheme (USS), the largest pension fund in Britain, has acquired over 3,000 shared ownership homes from the American investment firm Blackstone for £405 million. This significant purchase marks the largest affordable housing deal since the inception of the shared ownership scheme in 1990, reflecting a growing trend towards investment in affordable housing solutions. The homes are being purchased from Sage, a company that is primarily owned by Blackstone, in conjunction with the Regis Group, a notable property investor. This acquisition is part of USS's strategy to diversify its investment portfolio while also addressing the pressing need for affordable housing in the UK. The shared ownership scheme aims to assist individuals in getting onto the property ladder by allowing them to buy a portion of a home while paying rent on the remaining share. The deal underscores the increasing involvement of institutional investors in the housing market, particularly in affordable housing initiatives. With the UK facing a housing crisis, such investments are seen as crucial in providing more accessible housing options for a wider demographic, including key workers and those struggling to afford homeownership. As the USS manages the retirement funds of approximately half a million lecturers and researchers, this acquisition not only promises potential financial returns but also aligns with the fund's commitment to social responsibility and community development.