The new partnership between L&Q and East Thames has also seen both Association's complete a £2.6 billion refinancing package, which will support their strategic objectives.
Key features of the ten-year programme includes:
• Investing £15bn in building new homes in the South East and London
• Investing £5m per year to build a new training academy for new staff.
• Plans to create a new 6,600 home specialist care and support subsidiary
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• Delivering £38m of efficiency savings per annum by March 2019
Overall, half of the new housing will be 'affordable' and available to people on average/lower incomes.
David Montague, Group Chief Executive, said: "We have built a strong track record over the last 50 years and believe the opportunities ahead for the sector have never been greater.
"The current Government talks about increasing housing of all tenures, not just home-ownership, and is focussed on long-term targets that stretch beyond the next election. With long-term planning we can make long-term commitments, and we share the Government’s determination and ambition to deliver a step change in housing."
Yvonne Arrowsmith, East Thames Chief Executive, added: "Our strong relationships in East London and Essex will help the merged entity accelerate growth in the South East over the next ten years.
"This merger will allow us to combine our social purpose and commercial drive to create homes and neighbourhoods we can be proud of and to provide even greater support to some of the most vulnerable members of society."
(LM/MH)
