London & Quadrant Housing Trust (“L&Q”) and Urban&Civic plc (“Urban &Civic”) are pleased to announce that the acquisition of L&Q Estates by Urban&Civic is now unconditional and will complete shortly.
Urban&Civic, a leading Master Developer in the UK, was identified by L&Q as a logical purchaser to keep faith with the intention of boosting housing output across South East England and into the Midlands. The acquisition will see Urban&Civic expand its portfolio into Milton Keynes, a key target geography, whilst also widening its commitment to strategic interventions in high growth locations.
Catesby Estates, the land promoting subsidiary of Urban&Civic will also benefit substantially from expansion into new target areas and strengthen market competition by progressing those sites which are made directly available to housebuilders once consent is secured.
L&Q is one of the UK’s leading housing associations, owning and managing more than 105,000 homes. L&Q Estates, previously Gallagher Estates, was purchased by L&Q in 2017 to unlock land for housing development on a regional basis and since then thousands of new homes have been delivered across the Midlands and South East. However, L&Q’s corporate strategy is now focused on prioritising investment into existing homes and services and targeting growth in London and Greater Manchester.
Waqar Ahmed, Executive Group Director of Finance at L&Q said: “We are pleased to have reached this agreement with Urban&Civic. We’re immensely proud that since acquiring L&Q Estates in 2017, we’ve enabled the delivery of over 11,300 new homes, of which 1,800 have been built by L&Q. However, our long-term strategy is focused on ensuring that every L&Q resident has a safe and decent home, and access to high quality services they can rely on. This deal will help us meet this goal by simplifying our business and generating additional revenue which will be reinvested into our existing homes and services.
“L&Q remains committed to building the affordable homes the country so desperately needs, but this deal signals a longer-term ambition to concentrate future growth in our core areas of Greater London and Greater Manchester, rather than pursue strategic land opportunities across the wider South and Midlands. This will allow us to focus our resources on areas where housing need is the greatest, and where we are in the strongest position to provide responsive, local services that offer the best value for residents.”
Nigel Hugill, Urban&Civic’s Chief Executive, explained: “We were delighted to be afforded the opportunity to acquire L&Q Estates, a business that we have admired since the inception of Urban&Civic and with which we are fully familiar. The purchase presents a singular opportunity to integrate complementary projects and expertise, whilst also expanding our portfolio into key target geographies, most notably Milton Keynes.
“It is simply infeasible to meet adequate housing targets in South East England without a greater contribution from strategic sites. The 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.
“Collectively, the enlarged group has gathered a lot of learnings to create best practice in amenity and landscape led master development. I expect this knowledge and experience to prove invaluable in the changed political environment. We can also help inject new competition into the housebuilding process by encouraging the participation of an otherwise apparently inexorably reducing number of SMEs across a broader range of projects. Seeing is believing but the acquisition will enable us to push harder again on new, amenity led, strategic housing development.”
For more information, please contact FTI Consulting on urban&civic@fticonsulting.com
L&Q Estates has been in the business of identifying, promoting and acquiring land for over 60 years. Throughout this journey we have gained experience of working with a wide range of people, creating communities that work for everyone. With significant financial resources, combined with the experience and expertise to assemble land, promote and secure planning and deliver the infrastructure required, L&Q Estates is at the forefront of facilitating much-needed housing and commercial development in the UK.
Read more >Our search for land with development potential is constant and far reaching. For landowners wishing to discuss the possibilities, our down-to-earth Land Team are both approachable and reassuring.
They will take the time to consider the technical aspects of the site, the planning potential and, most importantly, understanding your ambitions in order to ensure that any agreement is tailored to your needs.
With the Government’s current target to build 300,000 homes every year and increasing demand for large commercial units, the pressure is on both developers and landowners to deliver. Our team of experienced in-house planners has been brought together from house builders, consultants and local authorities. Commercially focused, we ensure that both development value and design quality are maximised.
Land Development >Explore the breadth and depth of our portfolio with this small selection of prestigious developments. Many include the community facilities, schools, healthcare, landscaping and public spaces that make a significant difference in creating quality developments that people aspire to purchase.
If you are a landowner or land agent interested in finding out how we could help realise your ambitions, or those of your client, then please have a look through our case studies which provide a snapshot of sites that we are currently promoting, delivering or have recently sold. These display the breadth and range of the sites we deal with and show how we personlise each deal to suit your needs together with some real life examples of how we have helped landowners to unlock the potential of their land.
“Our team is well versed in dealing with the complexities of large-scale site assembly, equalisation and tax matters, ensuring you are in safe and experienced hands throughout the process. An initial meeting is informal and entirely at your own convenience - you will find us straight-talking and always willing to listen”.
Adrian Clack - Managing Director, L&Q Estates
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