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Associations announce plans for 57,000-home 'partnership'
Two large housing associations owning 57,000 homes have announced formal discussions for a ‘partnership’ spread across London and the South of England.
A2 Dominion Housing Group and Radian Group announced the plans to investors via a stock market announcement this morning.
A2 Dominion, which owns 36,000 homes across London and the South East, would be the larger partner compared to Radian, which owns 21,000 across the South of England.
The announcement did not specifically use the word ‘merger’ and it is not yet clear what options the organisations are considering.
In the announcement the organisations said the planned partnership would “deliver long-term benefits for residents” and “build more… than both groups can do alone”.
In 2016/17 Radian Group turned over £135.1m, producing an operating surplus of £60m and a surplus of £35m.
In the same financial year A2 Dominion turned over £371.9m with an operating surplus of £119.9m and a surplus of £84.1m.
A2 Dominion completed 754 homes in the year and started 868, while Radian completed 418 and started 742.
Lindsay Todd, Radian’s long-standing chief executive, stood down at the end of August and was replaced on an interim basis by Mick Sweeney, former chief executive of One Housing Group.
