L&Q nears £500m deal to buy Gallagher Estates

Tory donor Tony Gallagher is in advanced talks to sell Gallagher Estates for around £500m, according to the Sunday Times. Gallagher, who hosted David Cameron’s 50th birthday party, is preparing to sell the company to housing association London & Quadrant. Gallagher Estates specialises in buying and preparing residential sites for development by securing planning, before selling them on to housebuilders. The sale comes after L&Q last month merged with housing association East Thames. The merged group secured a £2.6bn refinancing and announced plans to build 10,000 “genuinely affordable” homes. • To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette