TryGOLD- Free

Guy Hands property firm sells armed forces housing back to MOD for £6bn
The Guardian|December 18, 2024
A property company linked to Guy Hands has agreed to sell 36,000 military homes to the Ministry of Defence for almost £6bn, signalling an end to a long-running battle between the billionaire and the government.
- Julia Kollewe
Guy Hands property firm sells armed forces housing back to MOD for £6bn

Annington will hand over its 999-year lease on the 36,347 homes, known as the married quarters estate, to the MoD and receive £5.99bn in return - almost twice as much as Hands' private equity company Terra Firma paid for Annington more than a decade ago, but less than the £8bn the homes were valued at last year.

The sale ends court proceedings brought by Annington over planned housing legal changes. In September, the company took a legal fight with the government to the European court of human rights over fears it could lose significant sums as a result of the new Leasehold and Freehold Reform Act. It also launched a challenge in the high court.

In 1996, under the then defence secretary, Michael Portillo, the Conservative government sold 57,400 houses used by military service men and women and their families to Annington for £1.7bn.

The MoD rented back the homes on a 200-year lease at a discount, but also agreed to pay for their maintenance and refurbishment.

This story is from the December 18, 2024 edition of The Guardian.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 18, 2024 edition of The Guardian.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE GUARDIANView All
Everton to stage three test games at new stadium
The Guardian

Everton to stage three test games at new stadium

Everton are to stage the first game at Bramley-Moore dock stadium next month in preparation for their move to the Liverpool waterfront.

time-read
1 min  |
January 03, 2025
Rooney horror show
The Guardian

Rooney horror show

Plymouth scrap documentary after manager's departure

time-read
1 min  |
January 03, 2025
Hagi sparks Rangers to easy derby win and leaves Celtic baffled
The Guardian

Hagi sparks Rangers to easy derby win and leaves Celtic baffled

Celtic's job is to prove this Old Firm outcome is nowhere near as significant as Rangers would like it to be.

time-read
3 mins  |
January 03, 2025
Fan shame Rodgers riled after Engels struck by coin at Ibrox
The Guardian

Fan shame Rodgers riled after Engels struck by coin at Ibrox

Celtic’s manager, Brendan Rodgers, believes Arne Engels was close to sustaining a serious eye injury after a coin thrown from the Ibrox stands towards the end of Rangers’ 3-0 Old Firm victory struck the Belgian midfielder on the head.

time-read
1 min  |
January 03, 2025
The sad story of Aleksey Bugaev ends with his death in war
The Guardian

The sad story of Aleksey Bugaev ends with his death in war

Talented defender, who starred at Euro 2004, opted to fight in Ukraine rather than serve a long prison sentence

time-read
4 mins  |
January 03, 2025
Arteta has nowhere to hide as sickness and injuries begin to bite
The Guardian

Arteta has nowhere to hide as sickness and injuries begin to bite

Arsenal must negotiate eight more matches this month with a 'thin squad' but started well by winning at Brentford

time-read
3 mins  |
January 03, 2025
Swiatek has too much for battling Boulter and puts Great Britain out
The Guardian

Swiatek has too much for battling Boulter and puts Great Britain out

Over the course of the past 18 months, by far the most rewarding period in her blossoming career, Katie Boulter has gradually established herself as one of the best players in the world.

time-read
3 mins  |
January 03, 2025
Djokovic keeps his Monfils run going with record 20th win
The Guardian

Djokovic keeps his Monfils run going with record 20th win

Novak Djokovic extended the most dominant head-to-head record in tennis by defeating Gaël Monfils 6-3, 6-3 to reach the quarter-finals of the Brisbane International.

time-read
2 mins  |
January 03, 2025
Van Gerwen races into final with total demolition of Dobey
The Guardian

Van Gerwen races into final with total demolition of Dobey

It was early in 2019 that Michael van Gerwen leaned forward in his chair and told us he was going to dominate darts for a decade.

time-read
2 mins  |
January 03, 2025
'It is reaching a stage when sport is too big and too rich for mere humans'
The Guardian

'It is reaching a stage when sport is too big and too rich for mere humans'

Back in 2000 the media's finest were hit and miss with their predictions on the unfolding of sport's future

time-read
5 mins  |
January 03, 2025

We use cookies to provide and improve our services. By using our site, you consent to cookies. Learn more