We are delighted to have acted for L&Q in selling circa 1,500 homes to resident-led Phoenix Community Housing through a tenanted stock transfer.
Devonshires Real Estate team led by Real Estate Partner Elad Yasdi and supported by Projects Partner Jonathan Jarvis and senior Real Estate Solicitor Charlotte Sawyer acted for L&Q on the large scale disposal to Phoenix Community Housing.
Evonne Clarke, Head of Stock Rationalisation, Development & Sales at L&Q, said:
“We really needed an experienced firm to advise us on this deal given the size and complexity and Elad and his team at Devonshires did not disappoint. They were clearly experts in this field, providing clear, concise and pragmatic advice throughout, regularly going the extra mile to help get the deal over the line. We were very grateful to have had them on board to see the transaction through.”
Real Estate Partner Elad Yasdi said:
“This was a very interesting and complex transaction and we were very happy to have supported L&Q across many different disciplines in order to see the deal get over the line. We are seeing an increase in stock transfer transactions coming through and our highly experienced team at Devonshires are able to support our clients across the whole transaction and we were delighted to have done so here for L&Q on this deal.”
Many of the properties transferred were part of a tenanted stock transfer from Lewisham Council over ten years ago, will now be owned by Phoenix Community Housing enabling Phoenix to grow its resident-let community gateway model and allowing L&Q to invest more into its existing stock as well as funding the development of more new quality homes.
This deal has also been picked up in Inside Housing.
For more information, please contact Elad Yasdi, Jonathan Jarvis or Charlotte Sawyer.