New-York based private equity fund Blackstone is
investing in Sage Housing Association to help the firm buy affordable housing
allocations from developers. The funds will be used to allow Sage to buy
private developers’ Section 106 allocations, affordable housing that developers
can be required to deliver – on a large scale around the country. All
properties will be for rent at Local Housing Allowance rates or lower, with
Blackstone planning to give local authorities nomination rights. Sage was
bought by residential investors Regis Group in 2017 and started buying Section
106 allocations of between five and 10 homes. They have won a third of their
bids since then, according to the source. Read more on the buyassociation
website.
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