The deal, which was completed this week, will see Orbit take ownership of approximately 500 homes from Midland Heart, predominantly in the Milton Keynes and South Warwickshire areas, and Midland Heart take ownership of around 600 homes from Orbit in East Staffordshire.
Paul Richards, Group Director of Orbit Housing Association, commented: “This stock swap is part of our portfolio densification strategy, delivering improved service levels, operational efficiencies and supporting our value for money ethos. Increasing our presence in key areas where we already have geographical scale enables us to increase the positive impact that we make, furthering our vision to build thriving communities.
“We continue to work in close partnership with Midland Heart and look forward to welcoming our new customers to Orbit.”
The deal was completed following a two-stage customer consultation process, which was agreed with The Regulator.