Top 200 law firm BPE Solicitors has acted for Plexus, part of Mears Housing Association, on a property deal which will see them acquire a substantial level of social housing for LET under both shared ownership and affordable/social rent.
Originally set up in 1997, Plexus was acquired by Mears Group PLC in 2013. It focuses on long term housing schemes with a particular emphasis on working with local authorities to support UK forces veteran housing requirements as well as aiming to assist in reducing homelessness and meeting additional care and support needs. Plexus has a mixed property portfolio of houses, flats and studios, predominantly in the South West of England, London and East Midlands.
The funding of £250m for the schemes which will see Plexus as the Registered Provider offering the homes was raised by CBRE Global Investors, the world’s largest commercial real estate services and investment fund.
A team of lawyers from BPE’s Commercial Property team, led by Partner Jo Bewley acted on behalf of Plexus. Commenting on the deal, Jo said:
We have acted for the wider Mears Group for over 20 years and are delighted to have acted on this deal for Plexus which will see the start of significant investment in social housing in the UK.
John Taylor, Chief Operating Officer of Mears Housing Management commented:
The Affordable Housing Fund will allow significant investment by Plexus to be made in social housing and we are particularly proud to be working to home our armed forces personnel .