Stock Transfer

Glasgow Second Stage Transfer



CHALLENGE

Following the transfer of Glasgow City Council’s 83,000 homes to Glasgow Housing Association in 2002, the RSL was required to deliver a series of second stage stock transfers to community ownership across the city. This highly complex undertaking involved the financial, technical and legal assessment of proposals from 23 acquiring RSL’s, negotiation on individual transfer agreements and tenant ballots prior to formal transfer.

SOLUTION

GHA wanted to refine the stock transfer framework to co-ordinate the assessment of bids from acquiring RSLs and manage the ballot and transfer processes. In 2009, a multi disciplinary project team of GHA staff and external consultants was established to support these objectives and GHA confirmed their intention to conclude the second stage transfer process by June 2011. Anderson Business Development, was appointed as Lead Transactor in January 2010, with direct responsibility for co-ordinating and completing 9 (of 20 remaining) stock transfers to 7 RSLs across Glasgow valued at £60m. The consultant developed detailed programmes and delivery timescales for each transfer, co-ordinated the input of relevant internal GHA resources including legal, technical, HR and communications, transacted with the purchasers and their consultants on behalf of GHA and reported to GHA and SHR on key milestones.

RESULT

GHA achieved their strategic objective of ensuring all second stage transfers that were supported by tenants were complete by June 2011. For the nine transfers above, the RSLs acquired 6583 homes and £60m for investment in existing stock and grant funding for new build housing.