Sovereign Network merger approved

A merger between two housing associations, Sovereign and Network Homes, has been approved. The merger will create a new 82,000-home social landlord, trading as Sovereign Network Group. The date for formal completion is 1 October 2023. Discussions about a potential merger were first announced in March this year. SNG will have an annual income of over £800m in 2024-25 and will invest £8.5bn in existing and new stock over the next 10 years, building 25,000 new homes – almost 4,000 more than in current plans. It also plans to regenerate existing estates and establish a new Community Foundation to invest £100m in communities over a 10-year period. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews