Appointment of non-executive director

RNS Number : 8602A

Residential Secure Income PLC

14 September 2018

 

14 September 2018

Residential Secure Income plc

Appointment of non-executive director

Residential Secure Income plc ("ReSI" or the "Company") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce the appointment of Mike Emmerich as a non-executive director of the Company, with effect from 13 September 2018.

Mike brings considerable experience in urban development to the Board, with over 20 years of experience in delivering strategies for planning, housing, environment and innovation. As the Founding Director of Metro Dynamics, a specialized consultancy for city authorities, Mike plays a central role on many major city projects including the devolution deals in the West Midlands and North East which give more local responsibility for housing and infrastructure. He also provides support for the Metro Mayor in Liverpool and advises the Cambridge and Peterborough Independent Economic Review.

Prior to setting up Metro Dynamics in 2015, Mike was the Chief Executive of New Economy Manchester which delivers policy, strategy and research for Greater Manchester.  Working with local authorities and private and public sector partners, Mike led New Economy in aiming to understand, influence, and innovate, creating a better economy for the conurbation.  In his nine years in this role, Mike played a pivotal role in the Manchester devolution deals.

Mike's other previous roles include Senior Policy Adviser on social and economic development in the Prime Minister's Policy Unit and Policy Adviser to HM Treasury. 

Rob Whiteman, Non-executive Chairman of ReSI, commented: "Mike joins ReSI at an exciting time for the Company as we have now invested £215 million of capital on assembling a high quality portfolio which comprises 2,414 residential units, delivering value and income return for our shareholders. Mike's experience and skills are highly relevant to developing new investment routes for our business and we look forward to the contribution that he will make as a member of the Board, as we continue to drive our strategy."

There are no other matters to disclose in respect of Mike Emmerich pursuant to paragraph 9.6.13R of the UKLA's Listing Rules.

FOR FURTHER INFORMATION, PLEASE CONTACT: 

ReSI Capital Management Limited / TradeRisks Limited    Ben Fry    Jonathan Slater    Mark Rogers    Alex Pilato    Richard Stubbs	[phone]
Jefferies International Limited    Stuart Klein    Gary Gould	[phone]
FTI Consulting      Richard Sunderland    Claire Turvey    Richard Gotla	[phone] Email: [e-mail]

NOTES:

Residential Secure Income plc (LSE: RESI) is listed on the premium segment of the Official List of the UK Listing Authority and was admitted to trading on the Main Market of the London Stock Exchange in July 2017.

ReSI has been established to invest in portfolios of Homes across residential asset classes that comprise the stock of Housing Associations and Local Authorities, comprising Shared Ownership Homes and Rental Homes (being Market Rental Homes, Functional Homes and Sub-Market Rental Homes) throughout the UK. To date it has deployed c. £168 million, acquiring a portfolio of 1,928 properties, comprising a mixture of local authority and retirement housing.

ReSI is managed by ReSI Capital Management Limited, a wholly owned subsidiary of TradeRisks Limited which has a 17 year track record of executing transactions within the UK social housing sector and, to date, has arranged funding of over £10 billion in the social housing, care and other specialist residential property sectors.

ReSI seeks to deliver secure, long-dated, inflation-linked income returns through investment in UK social housing. It aims to meet demand from Housing Associations and Local Authorities for alternative equity-like financing sources that allows them to recycle capital back into socially and economically beneficial new housing, making a meaningful contribution to the UK housing shortage.

Homes acquired by ReSI will predominantly be on a freehold or long leasehold basis (typically 99 years or more to maturity) and benefit from long term (typically 20 years plus) inflation-adjusted cash flows. Acquisitions by ReSI will be limited to Homes with sufficient cashflows, counterparty credit quality and property security that allow the Fund Manager to arrange long-term investment grade equivalent debt.

Further information on ReSI is available at www.resi-reit.com 

 

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