Housing associations Peabody and Family Mosaic are set to merge into a £618 million organisation
According to the AJ’s sister title Construction News, the combined company will have 55,000 homes and a development pipeline of 11,825 homes across London and the South East.
As part of the deal the Family Mosaic name will disappear, leaving the new Peabody with a total asset base of £6 billion.
Family Mosaic chief executive Brendan Sarsfield will lead the group, with Peabody chair Bob Kerslake (below) remaining in his role. Family Mosaic chair Ian Peters will take the role of Peabody vice-chair.
Meanwhile former Peabody chief executive Stephen Howlett has decided to retire after 42 years in the sector, although he will remain in the post until the merger is complete, which is expected next July.
The deal coincides with another major merger between housing associations L&Q and East Thames, which was confirmed yesterday, along with a £2.6 billion refinancing package to help deliver 100,000 homes. The combined organisation owns and manages more than 90,000 homes across the UK worth £22 billion.
It will implement a 10-year financial plan, which will allow for £15 billion gross capital expenditure in building new homes, a £250 million community investment fund and £5 million a year for a new training academy.