Blackstone-owned ‘for profit’ landlord says it invested £547m in development

Blackstone-owned ‘for profit’ landlord Sage Homes delivered 3,287 affordable homes in 2021, up more than 50% on the number built in the covid-hit 2020 year.

The registered provider said in a statement issued ahead of the publication of annual accounts, that with a further 1,847 homes exchanged on in the first six months of 2022, it now has close to 20,000 affordable homes in its portfolio.

Sage Mark Sater photo Sage formal

Sage chief executive Mark Sater

The delivery of 3,287 homes in the 2021 calendar year claimed in the statement is 52% above the 2,162 reported in the 2020 report and accounts, and is a record for the organisation, which was bought by investment firm Blackstone and real estate investor Regis in 2017.

Sage, which secured £73m from Homes England last year and strategic investment partner status, said it invested 547m in delivering the homes, up from £397m the previous year.

In January the for-profit housing association established a new target to have delivered 30,000 homes by 2030. In July it emerged Blackstone and Regis are looking to sell a stake in the business in order to fund the push.

See also: Homes owned by ’for profit’ housing associations to grow seven fold in five years

Sage Homes chief executive Mark Sater said the delivery of the homes made Sage England’s “largest provider of new build affordable housing in 2021”. While housing association L&Q produced far more homes last year, at 4,157, just 2,536 of these were under “affordable” tenures, while all of Sage’s homes are affordable. L&Q also reports in the slightly different reporting period of April 2021 to March 2022, making a direct comparison impossible.

Sater said: “Our strong financial and operational performance and continued investment has helped deliver a record number of high-quality new sustainable homes for Sage Homes and I am delighted to report that this performance has continued into 2022, as we deliver much-needed homes at scale to those who need them the most.”

The firm’s 2021 turnover grew to £174m, the statement said, up from £94m in 2020.