The Guinness Partnership and Paradigm Housing Group have completed the housing sector’s largest stock swap.
The deal, which completed this week, means Paradigm has taken ownership of 1,338 homes from Guinness, mainly in the Wycombe, Welwyn Hatfield, and Dacorum areas.
Guinness has taken ownership of 1,133 homes from Paradigm in Hillingdon and Hounslow.
“I am delighted this deal has completed after a detailed negotiation period,” said Matthew Bailes, chief executive of Paradigm Housing.
“Both organisations now have a greater concentration of homes in their respective areas which will allow us to provide high quality, cost-efficient services to our residents, invest in our homes and services, and continue to build new affordable homes in the future.”
The deal was completed after a consultation period with residents last summer.
Catriona Simons, group chief executive at The Guinness Partnership, said: “Both Guinness and Paradigm are committed to providing good services to our residents, and this transfer of homes will contribute to us delivering increasingly efficient services whilst continuing to invest in our homes and in the communities where we work.
“The completion of the transfer is fantastic news and we look forward to welcoming our new residents and colleagues to Guinness.”
Helen Collins, head of Savills Affordable Housing Consultancy – which supported the swap – said: “This was a very significant initiative for both organisations.
“Swaps are quite complex and resource-intensive, with a lot of moving parts – two sellers, two buyers, two sets of lawyers.
“We are proud to have supported them as joint transaction manager through each step of the process.
“As the largest social housing stock swap to date Guinness, Paradigm and their legal teams worked with tremendous focus to achieve good outcomes for tenants and the two organisations.”
Image: sabthai/Shutterstock
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