Housing association L&Q has completed its acquisition of Trafford Housing Trust.
L&Q has picked up THT’s portfolio of 9,000 social homes, helping it to scale expansion in the North West, and bringing its total portfolio to 112,000 homes.
THT will keep its name and corporate structure, and it will sit as a standalone company within the L&Q Group. Acting chief executive Larry Gold will take over the position permanently.
Housing association L&Q has completed its acquisition of Trafford Housing Trust.
L&Q has picked up THT’s portfolio of 9,000 social homes, helping it to scale expansion in the North West, and bringing its total portfolio to 112,000 homes.
THT will keep its name and corporate structure, and it will sit as a standalone company within the L&Q Group. Acting chief executive Larry Gold will take over the position permanently.
It will seek to invest £4bn in the region to deliver some 20,000 homes. The acquisition follows on from a long-standing partnership and will see THT double its social investment with the establishment of a £4m foundation.
Larry Gold, chief executive at Trafford Housing Trust, said: “As a self-managed subsidiary of L&Q, we will be able to build more homes, improve more lives and invest in more communities at a vastly improved scale and pace.”
The acquisition comes after a tough year for the housing association, which has been hit by a slow down in the London for-sale market, forcing it to be more selective with new deals.
In its end of year results it reported that it had achieved just £191m of its £340m surplus target. It is now targeting a £270m surplus for the 2019-20 financial year.
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