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G15 landlord completes merger of subsidiaries
A G15 landlord has confirmed the consolidation of parts of its business by completing the merger of two of its subsidiaries into just one body.
In a stock market update today, Town & Country Housing and Rosebery Housing Association have confirmed their intention to come together as a single operating company within the Peabody Group.
Peabody, the 104,000-home landlord that operates across London and the South East, said it planned to transfer Rosebery’s assets and operations to Town & Country in April 2023.
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Peabody revealed its intention to consolidate parts of its operations just two months after its merger with fellow London landlord Catalyst in April last year.
The merger meant Peabody managed both of the smaller associations as subsidiaries, which had “complementary areas and strategic goals”, according to Peabody.
As part of the initial merger deal, Catalyst – which owns 37,000 homes – became a subsidiary of Peabody. It came just a year after Catalyst had taken over 2,700-home Rosebery, which largely operates in Surrey and West Sussex.
Town & Country, a 10,000-home landlord, became a subsidiary of Peabody in 2019 after a takeover. Town & Country operates largely in Kent and Sussex.
In a statement to the stock market last year, Peabody said: “In the next year we will be exploring how we could bring the businesses closer together and subject to all necessary consultation and consents, consider transferring Rosebery Housing Association assets and operations to Town & Country Housing in 2023.”
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