Aster to invest £570m as revenue grows – Show House

Aster Group recorded turnover of £241m in its last financial year and revealed plans to invest more than £550m in improving its accommodation and services.

The housing association, which owns and manages more than 35,000 homes in the south of England, said revenue in the 12 months to March 2022 was up 7% year on year. another due to a combination of rental income from inflationary increases and new developments and London Central and Cecil (C&C) join the group.

By 2030, Aster plans to invest £570 million in improving its stock and IT to improve its services and make its homes more sustainable. This follows £69million spent on repairs and maintenance across its portfolio in 2021/22.

The group has also invested £2.4billion in building 11,200 homes by 2030, including more than 1,300 new affordable homes in its current financial year. Last year it completed 939 new properties of which 768 were affordable.

In 2021/22, Aster recorded an operating profit of £76m (2021: £73m). Profit for the year was £172m (2021: £46m) including the gain of £119.4m on the acquisition of C&C from the group. C&C has a portfolio of homes across London and provides housing and assisted living services. Aster now has £2.1bn of assets on its balance sheet.

Bjorn Howard, Aster Group Chief Executive, said: “Our financial results for 2021/22 reflect our role in tackling the UK housing shortage by building quality, affordable homes while investing to improve our current portfolio.

“That said, we are acutely aware of the challenges facing our customers in the form of higher prices and a darkening economic picture. As we have done during the COVID-19 pandemic, we are doing everything we can to help them through these difficult times, connecting them with our financial wellness team and offering advice on budgeting. and managing social assistance payments. We are also focused on innovating and evolving the way we deliver broader societal impact and scaling up the volunteer program and community projects we run through the Aster Foundation.

“We remain committed to our growth ambitions, considering strategic mergers in specific areas where appropriate. We are passionate about our vision that “everyone has a home” and will do our utmost to develop more properties in a range of affordable tenures to bring choice and security to the market, as well as to build houses to sell on the open market so we can reinvest in our business.

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