Isos Housing Group and Derwentside Homes are finalising a merger to create a 23,500-home regional association with a view to unlocking the capacity to build more mixed-tenure homes in the North East.
CEO says desire to combine ‘best of locality and national strength’ was integral part of Derwent Living joining Places for People, as group considers harnessing student housing into shared living market rent product.
Rent cut and local housing allowance cap play role in Wulvern decision to join the Guinness Partnership.
London & Quadrant Housing Trust (L&Q) has completed the £505m acquisition of Gallagher Estates, one of the largest strategic land companies in the UK.
Wulvern Housing has become part of the Guinness Partnership.
Bringing together Affinity Sutton and Circle Housing meant getting 10 bank funders and £3.3bn of drawn debt ‘over the line’. Loan arrangements, covenants and documentation were ‘harmonised’, supported by the release and recharge of 31,000 properties used as security. Clarion is set to expand nationally, while growing its strategic partnerships and land acquisitions.
L&Q’s ‘pioneering’ £2.6bn refinancing included a new covenant package ‘more in line with the corporate market’ and to support its ambitions to deliver 100,000 homes. The group married banking loans with shorter-term sales activity and longer-term debt capital markets finance with housing for rent. It also saw L&Q crystallise its mark-to-market (M2M) position on its swaps.
Clarion’s chief financial officer (CFO) is not anticipating any ‘material financial cost’ or delay to the repairs integration on the back of ongoing failures in the Circle repairs business - but added that correcting those issues will not be limited by the budget.
Eighteen months of merger discussions have laid the foundations for a more resilient Sovereign that remains committed to its core geography and purpose, according to its chief financial officer.
Places for People has completed the takeover of Derwent Housing Association, with the smaller organisation now sitting as a subsidiary in the larger group.