L&Q £505 million acquisition of Gallagher Estates

Overview:

• London & Quadrant (L&Q) has acquired Gallagher Estates for £505 million.
• Gallagher Estates is a Warwick based strategic land company involved in land acquisitions and planning negotiations related to residential real estate projects. The company owns lands on which 42,500 homes can be built, mainly in the south and south midlands areas of England.
• L&Q is a non-profit housing developer. It aims to build 100,000 homes over the next ten years.
• Gallagher Estates will become a subsidiary of L&Q but will continue to act as a standalone business.
• The deal follows L&Q's merger in 2016 with East Thames and a subsequent £2.6 billion refinancing.
• According to the Daily Telegraph, the UK housing association sector is worth £138 billion. The sector has seen several mergers recently following changes to Government grants relating to tenant rents.

Sam Duke - Editor