Walkers advises USS on £405m acquisition of more than 3,000 shared ownership homes

Walkers' Jersey team have advised Universities Superannuation Scheme ("USS"), on its acquisition of c. 3,000 shared ownership homes from Sage Homes for £405m, established by funds managed by Blackstone and Regis Group plc. Walkers acted as Jersey counsel to USS, working alongside the internal USS legal team and Linklaters as UK counsel. 
 
The acquisition, which is the largest acquisition of a shared ownership home portfolio since the establishment of the shared ownership scheme in 1990, marks a major investment into the shared home ownership sector by USS, being one of the UK's largest institutional investors. The acquisition launches Sparrow Shared Ownership, a registered provider of social housing backed by USS.

The Walkers team was led by partner Dilmun Leach, with assistance from partner Tatiana Collins. Also advising were senior counsel Kirsten Faichnie, senior associate Luke Steele and associate Adam Diamond.
 
Partner Dilmun Leach commented: 
 
“We were delighted to advise longstanding client USS on this significant transaction. Working alongside the internal legal team at USS and Linklaters, this acquisition marks one of the largest ever investments in the UK’s shared ownership space.”