A merger between two housing associations, Sovereign and Network Homes, has been approved.
The merger will create a new 82,000-home social landlord, trading as Sovereign Network Group.
The date for formal completion is 1 October 2023. Discussions about a potential merger were first announced in March this year.
SNG will have an annual income of over £800m in 2024-25 and will invest £8.5bn in existing and new stock over the next 10 years, building 25,000 new homes – almost 4,000 more than in current plans.
It also plans to regenerate existing estates and establish a new Community Foundation to invest £100m in communities over a 10-year period.
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