L&Q and THT talk takeover
A big housing association is having talks about taking over a not quite as big housing association.
London-based L&Q has announced that it’s holding talks with Manchester-based Trafford Housing Trust (THT) around a possible acquisition.
If all goes according to plan, L&Q will acquire THT’s 9,000-home stock, adding to its already impressive collection of 90,000 properties.
With most of its homes existing in London and the South East, the THT takeover would give L&Q a strong foothold in the north.
Subject to due diligence, naturally, both HAs hope the deal will be completed in June, just in time for the summer. Tenants and other stakeholders will be consulted, and a five-year business plan will be developed.
According to L&Q and THT, the deal will unlock £4 billion of investment in the North West and see 20,000 new homes built over the next 10 years, half of which will be ‘affordable’, which is clearly not to be sniffed at.
L&Q’s group chief executive, David Montague, seems pleased with the way things are going: ‘L&Q has an ambitious plan to build 100,000 quality new homes over the next 10 years to tackle the national housing crisis. We see THT as a gateway to the North West, an area of outstanding growth that needs more high quality, affordable homes.’
Larry Gold, meanwhile, THT’s acting chief executive, said: ‘This is a unique creation that will be built on true partnership and the strength of our vision, and the people who will deliver it.
‘As part of L&Q, we’ll create significant social impact in the North West at scale and pace and strive to find solutions to the national housing crisis. We will deliver an extensive programme of new development and regeneration projects, as well as improving homes and services for our existing customers.’
And the two providers have history: a joint venture partnership launched in April 2017 has led to 679 new build starts with a further 1,493 planned.