Suffolk Housing in Bury St Edmunds has invested £18 million in buying 428 affordable homes in Suffolk and Norfolk.
It bought the homes, from social housing provider Riverside, after securing £35m of funding from Canada Life Investmentsn and Lloyds Commercial Banking.
It means Suffolk Housing has expanded its housing stock by 23 per cent to more than 2,600 homes, while seven staff have transferred from Riverside, bringing Suffolk Housing’s staff up to 32.
Ian Winslet, Suffolk Housing chief executive, said: “We are delighted to complete the transfer of these properties from Riverside.
“The deal represents a huge expansion for Suffolk Housing, and has both increased our total housing stock and extended the area across which we work.
“This purchase is the first step in an ambitious expansion programme planned over the coming years, which will see us provide an increasing number of affordable homes for people in housing need all across the region, and not just in Suffolk.
“We have been working closely with Riverside to ensure a seamless transition for our tenants, and have also transferred some staff to manage the sheltered schemes so that those residents continue to receive services from people they already know.
“Over the coming months, we will concentrate on getting to know our new tenants while asking their opinions on the service they receive so that we can see if there are ways we can improve still further.”