Housing association offloads division as part of move away from non-core operations
Housing association L&Q has confirmed it is set to complete the sale of L&Q Estates to developer Urban & Civic.
The firm bought the business, formerly known as Gallagher Estates, in 2017 to unlock land for housing development on a regional basis, promoting sites through the planning process, from the pre-allocation stage to securing planning consents.
At this year鈥檚 UKREIIF conference in May, the chief executive of L&Q, Fiona Fletcher-Smith, said the housing association was in the process of completing a deal to sell its strategic land company and had also put its PRS portfolio up for sale.
She said L&Q Estates and its PRS business were not 鈥渃ore鈥� and added: 鈥淭hey鈥檙e commercial activities that we bolted on over the years that don鈥檛 make sense anymore.鈥�
Urban & Civic said Catesby Estates, the developer鈥檚 land-promoting subsidiary, will benefit substantially from expansion into new target areas.
The firm鈥檚 chief executive Nigel Hugill added: 鈥淭he acquisition promises a step change for Urban & Civic and Catesby Estates as the new government looks at immediate means by which housing numbers can be lifted.鈥�
No comments yet