West Kent Housing Association
FFT Supports West Kent Housing Association to Secure Stock Rationalisation Portfolio Off-Market
West Kent Housing Association (WKHA) had previously commissioned FFT to deliver a Strategic Growth Opportunities Review to identify opportunities for growth that met their strategic, financial, operational and geographical objectives. One of the opportunities identified was the potential acquisition of tenanted stock owned by housing association Stonewater Ltd. The stock was located in Kent, an area outside Stonewater’s principal operating geography, but core to that of WKHA.
FFT was appointed by WKHA on a consultancy and agency basis. Our role was to secure exclusivity with Stonewater; make an initial approach, and obtain information to inform a bid for 106 social housing and leasehold properties.
As part of the commission, FFT also provided a full cradle-to-grave project management service, from initial approach and bid advice to completion. This included leading commercial negotiations and ensuring a full suite of operational and compliance documentation. Crucially, our role also involved making certain that the transfer went through on time, and met expectations.
In order to secure exclusivity, FFT needed to make a compelling case to Stonewater as to why they should consider disposing of tenanted stock. Once they had made that decision, a case for dealing directly with our client had to be set out.
FFT was able to make a strategic case for Stonewater to geographically rationalise its footprint, whilst at the same time presenting the credentials of our client. Such credentials included the customer offer; track record; ability to transact, and understanding of the commercial realities of the tenanted transfer market. This provided the necessary reassurance that the transaction would be completed expediently and reasonably, whilst offering best value.
Our client had experience of bidding for portfolios. However, through specially created workshops, we helped to refine the client’s approach to modelling tenanted stock in order to position itself more competitively in the market. Furthermore, by securing an opportunity off-market which met its strategic objectives, the client was able to avoid abortive bid costs and secure the right kind of growth for its business, whilst providing an improved local service offer to residents.
For more information on our stock rationalisation services, or advice on buying, selling, or identifying opportunities, contact Stuart May, Head of Housing Consultancy – E: [email protected] T: 07815 960390.