Sage Housing renamed Sparrow Shared Ownership with new leadership
Blackstone-backed Sage has sold its 3,000-home for-profit registered provider to a universities pension fund in a deal worth £405m.
The Universities Superannuation Scheme (USS) has bought Sage Housing, which owns a portfolio of shared ownership properties spread over 250 sites.
The existing registered provider will, pending approval by the Regulator of Social Housing, change its name to Sparrow Shared Ownership.
A new non-executive board has been appointed to run Sparrow featuring big names from the affordable housing sector.
Former Clarion Housing Group chair David Avery has been appointed chair. The board also includes former Homes and Communities Agency chief executive Andy Rose, former regulator Sarah Wall and Amanda Davies, who stood down as chief executive of Welsh housing association in Pobl in May after 20-years in the role.
>>See also: Can ‘for-profit’ providers rescue affordable housebuilding?
Sage was set up in 2017 by alternative asset manager Blackstone and private equity firm Regis. It consists of a parent company Sage Investments SARL, and subsidiaries including for-profit Sage Homes, and until now Sage Housing.
No comments yet