Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Guy Hands-linked property firm sells 36,000 military homes back to mod for £6bn

by December 17, 2024
December 17, 2024
Guy Hands-linked property firm sells 36,000 military homes back to mod for £6bn

Guy Hands’ property company Annington has agreed to sell a portfolio of 36,347 military homes to the Ministry of Defence (MoD) for almost £6bn, concluding a protracted dispute between the billionaire investor and the UK government.

The deal sees Annington, which was acquired by Hands’ private equity group Terra Firma in 2012, hand back its 999-year lease on the so-called Married Quarters Estate in exchange for £5.99bn. The amount is nearly double the £3.2bn Terra Firma paid for Annington, but less than the £8bn valuation placed on the homes last year.

The sale brings an end to ongoing court proceedings and legal wrangles sparked by government plans to use property legislation to reclaim the homes and reduce costs. Annington had sought relief in both the High Court and the European Court of Human Rights over concerns about financial losses linked to the reforms.

Originally sold by the Conservative government in 1996 when Michael Portillo was defence secretary, Annington’s acquisition of 57,400 MoD homes for £1.7bn made the company one of the largest residential property owners in England and Wales. Under the terms of the original deal, the MoD continued to lease the properties at a discount, bearing full responsibility for upkeep and renovation.

Over time, Annington refurbished nearly 20,000 homes and returned most to the UK market, with the majority sold as affordable properties to first-time buyers. However, the government has long faced criticism over the arrangements, including significant annual rent bills and mounting maintenance concerns.

The MoD says that bringing the homes back under public ownership will save about £230m a year and enable it to address long-standing problems with substandard accommodation, highlighted in a recent Commons defence committee report. The document indicated that two-thirds of family homes, many of which fall under the Annington portfolio, required extensive refurbishment or rebuilding.

John Healey, the defence secretary, acknowledged that “there is still a lot of work to do to deliver the homes our military families deserve,” but hailed the purchase as “a decisive break” from past arrangements. Ian Rylatt, chief executive of Annington, said the sale marks a new chapter and allows the parties to move forward without further legal distractions.

As part of the agreement, the MoD will transfer 159 homes worth £55m to Annington within the next year. The £5.99bn purchase is set to complete on 9 January, with the proceeds earmarked to pay down Annington’s debt and partly distribute to shareholders, including UK pension and sovereign wealth funds. The firm, which retains a portfolio of 1,600 rental properties, plans to reinvest in the UK property market following the transaction.

Read more:
Guy Hands-linked property firm sells 36,000 military homes back to mod for £6bn

0
FacebookTwitterGoogle +Pinterest
previous post
TikTok appeals to US Supreme Court in last-ditch attempt to halt forced sell-off or ban
next post
Economists warn Chancellor may face emergency spring budget as recession risks loom

You may also like

UK inflation rises to 2.2%

August 14, 2024

Get a New E-Commerce Business Off the Ground...

September 20, 2022

Legal action launched against ‘rip-off’ hidden commissions on...

February 5, 2024

Bad debt levels soar by 61% for UK...

April 3, 2023

Q&A with Manoucher Sarbaz: Innovations in Sustainable Development

June 28, 2024

Zahawi: Nobody should have energy cut off this...

September 1, 2022

TikTok appeals to US Supreme Court in last-ditch...

December 17, 2024

Expelled, imprisoned, excluded: we’re creating a digital underclass​

January 22, 2024

New North Sea licences will ensure energy security,...

July 31, 2023

HMRC accused of misusing powers to “correct” R&D...

March 19, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 9, 2025
    • Hiring Software & JavaScript Developers: Skills, Costs, and Best Practices

      August 9, 2025
    • Rakhi Butani on Skincare, Cooking, and the Power of Balance

      August 9, 2025
    • Jeremy Clarkson warns of ‘catastrophic’ UK harvest as farmers battle extreme weather and rising costs

      August 9, 2025
    • Reform UK urges energy industry to abandon net zero and focus on nuclear and gas

      August 9, 2025
    • British Shoppers flock to EU for tax-free spending as calls grow to reinstate UK scheme

      August 9, 2025

    Categories

    • Business (8,727)
    • Investing (2,191)
    • Politics (16,344)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved