Gordon More will head up the housing association’s investment committee, with Justin Brown also taking a seat on the committee
London and south England-focused housing association Hyde has announced the appointment of two new non-executive directors.
The former interim CEO at Homes England, Gordon More, has joined the Hyde board and will take over as chair of Hyde’s group investment committee in October.
Justin Brown, a former managing director of investment firm BlackRock, has also joined the housing association’s group investment committee.
Hyde operates across London, the east and south-east of England, providing 44,000 homes. It reported an operating surplus of £81.7m for the financial year to March 2022.
More has 40 years of experience in housing, real estate finance and corporate banking. He was chief investment officer at Homes England for seven years.
“I’ve been fortunate to have seen close-up the commitment Hyde has to building more good quality, affordable, and sustainable homes, which are the foundation from which people can build their lives,” he said in a statement.
“These new homes have never been more needed, especially in London and the south east. I’m looking forward to working with my fellow board members and colleagues across Hyde to ensure we can maximise delivery of the right homes, in the right places.”
Brown was at BlackRock for nearly ten years, serving as head of its European real estate business and was portfolio manager for its UK Property Fund. He has 26 years of industry experience, having previously worked at UBS and LaSalle Investment Management.
Brown said: ”It’s important to me to work with an organisation that is committed to its customers and its social purpose, and Hyde does that every day. Access to an affordable home is critical in developing a fairer society, and I hope my skills can play a part in supporting Hyde to build more with its partners.
>>See also: From global banking to social housing with Hyde boss Andy Hulme
>>See also Can ‘for-profit’ providers rescue affordable housebuilding?
Last month, Hyde was among 13 associations and councils “named and shamed” in letters from housing secretary Michael Gove for “letting down tenants”.
The letters followed findings of severe maladministration against each of the landlords by the independent Housing Ombudsman Service, where they have failed to deal with serious tenant issues in a proper and timely manner.
In July, credit rating agency Standard & Poor lowered Hyde’s credit rating from ‘A+’ to ‘A’ with a negative outlook. It said Hyde is investing heavily in existing stock and has higher-than-expected direct exposure to sales activities, which together with market conditions, will keep its Earnings Before Interest, Taxes, Depreciation, and Amortization( EBITDA) margin below 20% in the next two years
Hyde also made headlines last year by becoming the first ever housing association to register a “for-profit” provider of affordable housing with the Regulator of Social Housing.
The for-profit provider, which is called Halesworth after Halesworth Road in Lewisham, where Hyde’s first property was, is co-owned 50:50 by insurance giant AXA Investment Management. Hyde will build homes in a joint venture with AXA and Homes England and then the homes will transfer into Halesworth.
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