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.
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