Tory donor Tony Gallagher is in advanced talks to sell Gallagher Estates for around £500m, according to the Sunday Times.
Gallagher, who hosted David Cameron’s 50th birthday party, is preparing to sell the company to housing association London & Quadrant.
Gallagher Estates specialises in buying and preparing residential sites for development by securing planning, before selling them on to housebuilders.
The sale comes after L&Q last month merged with housing association East Thames. The merged group secured a £2.6bn refinancing and announced plans to build 10,000 “genuinely affordable” homes.
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