Residential Secure Income plc (“ReSI”) is a real estate investment trust (REIT) with the objective of delivering secure income returns by investing in Shared Ownership and other affordable residential asset classes.
ReSI is listed on the premium segment of the Official List of the UK Listing Authority and was admitted to trading on the main market of the London Stock Exchange in July 2017, raising £180 million in its IPO.
ReSI targets, on a fully invested and geared basis, a secure, long-dated, inflation-linked dividend yield of 5.0% p.a. (paid quarterly) and a total return in excess of 8.0% p.a. (assuming 2.5% RPI) based on the issue price of 100 pence per Ordinary Share¹. In the period from Admission to 30 June 2019 ReSI procured a total return of 15.3p.
A strong pipeline of investment opportunities is driven by strategic partnerships and framework agreements with developers (both private and housing associations), including a £300m partnership with Morgan Sindall Investments targeting delivery of 1,500 new Shared Ownership homes.
ReSI Housing Limited, a wholly owned subsidiary of ReSI, is a for-profit Registered Provider of social housing regulated by the Regulator of Social Housing, providing a unique proposition to housing developers (private developers, Housing Associations and Local Authorities), being a long term private sector social housing landlord who will keep assets within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire properties designated as affordable accommodation under s106 planning obligations (such as Shared Ownership and Sub Market Rental properties) and those that are funded by government grant.
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ReSI has a fully independent board of highly experienced non-executive directors and ReSI Capital Management Limited, a wholly owned and separately regulated subsidiary of TradeRisks Limited, acts as its alternative investment fund manager. TradeRisks Limited is a treasury risk advisor and financing arranger focused on social housing and other specialist residential property sectors.
TradeRisks has advised on and arranged funding of over £11 billion in these sectors. It has advisory or transactional relationships with many of the larger UK housing associations, representing c.1.2 million units of housing stock.
TradeRisks and ReSI Capital Management Ltd were acquired by Gresham House plc
at the beginning of March 2020. Gresham House plc is an AIM quoted specialist asset manager providing funds, direct investments and tailored investment solutions, including co-investment across a range of highly differentiated alternative investment strategies.
These are targets only and not profit forecasts and there can be no assurance they will be met