A gold medal funding solution for East London

A gold medal funding solution for East London

£125m sale and operating lease deal

Genesis Housing Association Limited (“Genesis”) is one of the leading housing associations in the UK, providing or managing more than 33,000 homes across London and the South East.

Following the flagship Stratford Halo development in the heart of the Olympic village, the desire to fuel even more ground-breaking developments required a funder with the experience and leadership to create a flagship sale and operating lease solution to match.

Stratford Halo comprises a total of 404 homes, in a prestigious 43-storey tower. With unparalleled views of the Olympic Stadium, the development is making a major contribution to the large-scale regeneration of Newham, East London and the Thames Gateway.

The sale and operating lease solution for Stratford Halo by M&G allows Genesis to manage the whole development and maintain it to consistently high standards, which would have been hard to achieve with a multi-stakeholder model.

The deal provides a springboard for future developments by Genesis and the basis for a strong long-term partnership with M&G.

Elizabeth Froude, Executive Director of Resources at Genesis, said, “We like M&G’s style. They take the same long-term view as us and combine it with realism and pragmatism. We always feel that we have ‘grown up’ conversations with the Social Housing team at M&G, which we find refreshing and constructive.”

Mark Davie, Head of Social Housing at M&G, said, “Our longevity in the social housing sector has enabled us to create many innovative funding structures. Stratford Halo is a perfect example of what can be achieved when funders and housing assoications work closely together under a shared long-term vision.”