Residential Secure Income PLC (ReSi) has signed an agreement to purchase shared ownership homes from social impact developer HSPG.

ReSI, an investment trust owned by asset manager Gresham House, has acquired an exclusive option to buy homes from HSPG’s pipeline upon completion. ReSI expects to buy £50m of properties over the next three years as part of the deal, which will see HSPG responsible for letting and managing the properties.

The first transaction under the partnership has been completed, with ReSI buying 21 homes in a 197-unit Laureate Fields development in Felixstowe, Suffolk. This brings ReSI’s shared ownership portfolio to 725 homes.

ReSI PLC is a listed trust with at least £350m invested in later living and shared ownership through its for-profit registered provider ReSi Housing, . Gresham House also owns another for-profit RP, ReSi Homes, which serves as a vehicle for ReSi PLC to invest up to £300m per year from local authority and other pension funds into new build shared ownership.