Places for People is the second organisation to team up with Bovis Homes to deliver 510 new homes for rent around the UK. The deal, revealed by Resimarketnews here, involves Mill Group taking 190 homes from the housebuilder, mostly on sites in the south east, while Places for People will take on 319 homes on ten sites in the Midlands and north.
The £35.5 million deal sees PFP buying the homes, which will be managed by Touchstone, its private sector rental management company. Savills were involved in assisting Bovis Homes in setting up the financial side of the transaction, which will utilise sites already in Bovis’s land bank.
PFP’s chief executive David Cowans commented: “There is a growing demand for high-quality homes for rent and we are keen to continue to offer more new build houses and flats such as these for private rent, particularly at a time when affordability is at the top of most people’s agendas.”
Places for People is essentially a housing association group, delivering affordable homes for rent, to house tenants via local authority routes. Through its Touchstone subsidiary, the organisation is also offering a growing portfolio of private rented sector homes at market rents.