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Midland Heart and Orbit complete stock swap of over 1,000 homes

Midlands-based housing associations, Midland Heart and Orbit, have completed a stock swap of more than 1,100 homes.

The deal, which was completed this week, will see Orbit take ownership of approximately 500 homes from Midland Heart, predominantly in the Milton Keynes and South Warwickshire areas, and Midland Heart take ownership of around 600 homes from Orbit in East Staffordshire.

Paul Richards, Group Director of Orbit Housing Association, commented: “This stock swap is part of our portfolio densification strategy, delivering improved service levels, operational efficiencies and supporting our value for money ethos. Increasing our presence in key areas where we already have a geographical scale enables us to increase the positive impact that we make, furthering our vision to build thriving communities.

“We continue to work in close partnership with Midland Heart and look forward to welcoming our new customers to Orbit.”

Joe Reeves, Executive Director of Finance and Growth at Midland Heart, added: “I’m delighted that this deal has completed and we look forward to welcoming our new customers. The transfer of these homes will help us to focus our investment and resources in the geographic areas we know best, meaning that we can deliver the best possible service to our new and existing customers.  It also means that far more of our existing homes are near the hundreds of new homes we are building each year, which will also help us to deliver better services.”

The deal was completed following a two-stage customer consultation process, which was agreed with The Regulator.