L&Q Finalizes Sale of 3,500 Homes to SettleParadigm
SettleParadigm, the newly-formed organization, recently concluded the acquisition of 3,500 homes from L&Q, a prominent housing association. This acquisition marks a significant milestone for SettleParadigm, which was established through a merger in October 2023.
Details of the Home Acquisition
The homes transferred are located in south Buckinghamshire. This strategic move enhances SettleParadigm’s operation, expanding its portfolio to a total of 30,000 managed homes. The company aims to streamline services for residents while benefiting from economies of scale.
Statements from Leadership
Matthew Bailes, the chief executive of SettleParadigm, expressed optimism about the acquisition. He stated, “We believe that we can deliver more for the communities we serve if we become larger and more local. By acquiring these homes in our heartland, we can deliver excellent local services to our new residents.”
Bailes emphasized the commitment to welcoming new residents and providing enhanced support through localized services.
L&Q’s Strategic Shift
L&Q’s decision to sell these homes aligns with its strategy to concentrate on key areas, namely London and Manchester. David Lewis, the executive group director of property and investment at L&Q, remarked, “This supports our strategic decision to focus our activity on areas where we have the greatest concentration of homes. This enables us to provide responsive, joined-up services which offer the best value for residents.”
Future Opportunities
In addition to the home sale, L&Q is considering the sale of its private rented sector business, Metra Living. Earlier, in July 2024, the company sold its strategic land arm, Urban & Civic.
- Acquired Homes: 3,500 homes
- New Total for SettleParadigm: 30,000 homes
- Acquisition Date: Completed recently following merger in October 2023
- L&Q’s Strategic Focus: Concentrating on London and Manchester
