Vistry has completed a major part exchange portfolio transaction, selling 68 homes to national homebuying and part exchange company, Spring for c.£15million.
The housebuilder says that the transaction supports its continued focus on capital efficiency, cash generation and operational discipline.
Spring says that part exchange remains an important sales tool for housebuilders by speeding up the buying and selling process and allowing customers to move to their new home with more certainty. The portfolio acquired by Spring comprises Vistry homes spread across the country.
The deal will allow Vistry to accelerate the conversion of a portfolio of completed part exchange properties into cash, releasing capital for reinvestment across its core business activities.
Michael Stirrop, chief commercial officer at Vistry, said: “This transaction provides a clear route to unlocking value from a large and diverse portfolio, while simplifying our operational position. Partnering with a specialist like Spring enables us to move decisively at scale, reducing complexity and creating greater flexibility in how we deploy capital across the business. It is a practical example of how we are evolving our approach to support both near-term delivery and longer-term growth.”
Spring, which has just become an associate HBF member, is the UK’s largest home buying and part exchange firm, specialising in supporting the housing industry with the acquisition, management and onward disposal of residential properties.
Shane Miller‑Bourke, co‑CEO of Spring, added: “This major transaction, our first with a PLC, provides vital liquidity and certainty into an area of the market that can otherwise tie up capital for extended periods. By acquiring portfolios at scale, we enable housebuilders to accelerate cash conversion, reduce operational drag and reinvest with confidence in delivering new homes. Ultimately this helps support a healthier, more functional housing market overall.”
Spring says that, as investors continue to focus on cash generation, return on capital employed and balance sheet strength, housebuilders are increasingly considering a range of approaches to optimise working capital and capital allocation, and that transactions such as this can provide an additional source of flexibility where they support a company’s particular objectives and circumstances.
Property services group Move With Us, part of Simplify, acted as introducer to the transaction.
