L&Q to complete landmark £505m deal for Gallagher Estates

The housing association is due to complete the deal this week for the strategic land business Gallagher Estates, as part of its plan to deliver 100,000 homes over the next 10 years.

The company controls plots capable of delivering as many as 42,500 new homes, centring on the South of England and the south Midlands, such as locations including Milton Keynes.

The business promotes sites through the planning process, from pre-allocation stage to securing implementable planning consents, before delivering serviced land to the market place. This acquisition places L&Q as one of the leading enablers of new homes across the UK.

David Montague, chief executive of L&Q, said: “Our acquisition of Gallagher Estates is a defining moment for L&Q and shows commitment to our vision of creating 100,000 new homes in our capacity as lead developer and as an enabler working with key delivery partners.

“Through this deal L&Q will unlock land for development across a wider range of tenures, and speed up the delivery of new homes through our ability to invest over the long term.

“It will also add the significant skills and expertise of one of the UK’s leading strategic land companies, and allow L&Q to take a lead role in housing delivery on a regional basis, while generating significant resources for reinvestment into new affordable housing.”

The acquisition of Gallagher Estates – unprecedented in its scale for the housing sector – follows L&Q’s merger with fellow London landlord East Thames. Gallagher will become a wholly owned subsidiary of L&Q, and will continue to be run by the current management team as a stand-alone entity.

Tony Gallagher, chair of Gallagher Estates, said: “I am delighted to entrust the business that I have developed over many years to L&Q.”