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L&Q confirms East Thames merger with £2.6bn refinancing package

Housing associations L&Q and East Thames have confirmed their merger and the completion of a £2.6bn refinancing package to help deliver 100,000 homes.

The combined organisation owns and manages more than 90,000 homes across the UK worth £22bn.

It will implement a 10-year financial plan, which will allow for £15bn gross capital expenditure in building new homes, a £250m community investment fund and £5m a year for a new training academy.

It plans to deliver 100,000 new homes.

The company is also intending to create a 6,600-home specialist care and support subsidiary, which will have an annual turnover of £47m.

It will have a continued commitment of 50 per cent affordable housing through shared ownerships and rent, the organisation said.

Development through London and the South-east will accelerate, including the Thames Gateway corridor, which it said was a “long-term national priority for growth”.

It will also look to strengthen existing relationships and create new ones largely in the South-east, though adding that it was open to expanding into new regions where appropriate such as with Trafford Housing Trust in the North-west.

Under the merger L&Q chief executive David Montague will become the company’s group CEO and Yvonne Arrowsmith will remain as East Thames chief executive.

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