The contract covers the day-to-day management, rent collection and maintenance of ReSI’s 2,219-unit retirement housing portfolio by reducing voids and improving operational performance.

Places for People owns or manages nearly 200,000 homes across a wide range of housing tenures in the UK and has an existing management of a retirement portfolio through its specialist division Girlings.

RESI, which invests in affordable shared ownership, retirement and local authority housing, has built up its retirement housing portfolio across England and Wales since 2016, with tenants primarily paying rent out of pensions and housing benefits rather than employment income.

Pete Redman, of ReSI Capital Management Ltd, ReSI’s fund manager, said: “Following a competitive tender process, we are confident that, with the new contract structure and through working more closely together, Places for People is best placed to maximise returns from our retirement housing portfolio, with enhanced incentives to reduce voids and improve portfolio operating performance for the benefit of ReSI shareholders.”