Another Privatisation Scandal Revealed By The Guardian

19th December 2024

Billionaire Guy Hands' property firm sells military homes to MoD for £6bn.

Terra Firma's sale of 36,000 properties ends legal fight with government over recent housing reforms.

A property company linked to Guy Hands has agreed to sell 36,000 military homes to the UK's Ministry of Defence for almost £6bn, signalling an end to a long-running battle between the billionaire and the government.

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 reforms. In September, the company took a legal fight with the UK 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 on the same grounds.

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