13:40, July 17 368 0

2017-07-17 13:40:06
Trowers act as Peabody and Family Mosaic complete £6bn merger

Trowers & Hamlins has acted for housing associations Peabody and Family Mosaic in their £6bn merger.

Their merger agreement was announced in December 2016 but the deal wasn’t completed until earlier this month.

This deal means that the combined society now has more than 55,000 homes and 111,000 residents across London and south east England in its portfolio.

Trowers & Hamlins housing and regeneration partner Ian Davis led on the deal acting for both Peabody and Family Mosaic with support from banking and finance partners Adrian Carter and Eleanor James.

Davis said: “This multifaceted merger deal required us to draw on areas of expertise from across the firm.  Peabody is a longstanding client of ours and we look forward to their future plans and the expanded programmes enabled by the merger.”

The firm has a good history with both associations after advising Peabody on its £350m joint venture with Hill Residential to build 900 homes on the Fish Island Village in Leyton earlier in the year and Family Mosaic during a case to transfer a Flexible Trials Scheme (FTS) into a Shorter Trials Scheme (STS) in 2016.

The case against Peer Real Estate, which was represented by Hogan Lovells partner Matthew Ditchburn, was significant as the first application to transfer a case into an STS. The application was accepted by the court significantly speeding up the process.

Peabody was founded in 1862 and is now one of the country’s oldest and largest housing associations.

Peabody chief executive Brendan Sarsfield said: “We will put the most vulnerable first, building as many good quality homes for low-cost rent as we possibly can.

“We’ll create great places where people want to live. And we will help our people achieve all that they can in their lives through wide-ranging support and community programmes.”