Devonshires has advised Karin Housing Association on the purchase of its first properties, enabling the organisation to expand into home ownership.
Led by Real Estate Partner Elad Yasdi who heads up the firms stock rationalisation offering, the firm has helped Karin acquire 37 tenanted properties via tenanted stock transfers from three London-based housing providers; Family Mosaic, Guinness and Network.
Karin manages affordable homes and additional community services in six boroughs in North East London, mainly in the Somali and BME community. The vast majority of the properties are managed for other housing associations.
Speaking about the deal, Elad said: “We are pleased to have helped a small housing association take its first steps onto the housing ladder and allow it to continue to work towards its mission of providing housing in East London for people from all communities”.
The transaction involved the collaborative working of the wider Devonshires team, which included our banking and charging teams, as Karin needed to raise external finance and put the properties in charge on completion to fund the purchase, as well as our Corporate team in connection with the review of bespoke grant agreements with the Greater London Authority (GLA) to allow the transfer of grant liability to transfer on completion, all of which we were able to do under one roof.
Elad was supported by Carolyn Thomas who led on the banking elements of the financing and Saghar Roya who led on charging. Elad was further assisted by Corporate Partner Jonathan Jarvis and by Real Estate Solicitors Charlotte Edwards and James Santos- Murphy.