Cambridgeshire group King Street transferred its 600-home operation to Aldwyck Housing Group last week, seven months on from announcing they had entered talks.
The organisations said the deal frees up £40m for 11,000-home Aldwyck to invest in building new homes in Cambridgeshire over the next five years.
Craig Glasper, former chief executive of King Street, will take responsibility for “seeking opportunities for growth” in Cambridgeshire and in Aldwyck’s wider operating area, according to Aldwyck’s press release. He becomes executive director of new business and managing director of King Street.
Ian McDermott, chief executive of Aldwyck, said he was “delighted” to complete the merger, and that “shared values and a complementary footprint and development pipeline” made King Street an excellent fit for the company.
He said: “We are keen to capitalise on the great reputation that King Street has established in Cambridge and provide more much-needed new homes in the area.”
Sara Garnham, former chair of King Street Housing Society and now an Aldwyck board member, said: “We know all too well that Cambridgeshire, like much of the UK, has a chronic shortage of affordable quality homes. Through our merger we can play our part in addressing the housing crisis and continue to provide great service to our existing customers.”