Housing associations to link up
L&Q, the Hyde Group and East Thames housing associations have entered into merger talks to create a £30bn entity. It would build 100,000 homes in London and the South East over the next 10 years. L&Q chief executive David Montague is chief executive designate.
Blackstone appoints Heady
Blackstone has appointed Christopher Heady as chairman of its Asia Pacific business. Heady joined in 2000 and has worked across teams in the US, Europe and Asia. Jan Nielsen has also been promoted to chief operating officer for Asia, while Daisuke Kitta will head Japan.
Click here to read an interview with Heady from the 20 February 2016 issue of Estates Gazette.
Empiric agrees £80m loan
Empiric Student Property has taken a secured £80m fixed-rate loan from Cornerstone Real Estate Advisers. The 12-year interest-only loan is secured against 20 operating assets and represents an LTV of 55%. Part of the facility will refinance £37.2m of debt held with Santander and Royal Bank of Scotland; the balance will fund further acquisitions.
Senior shake-up at Grosvenor
Grosvenor Group has made management changes to take effect from 1 January 2017. Peter Vernon will be group executive director, reporting to group chief executive Mark Preston; Craig McWilliam will succeed him as chief executive of Grosvenor Britain & Ireland. Will Bax will join the board as executive director.
