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CDHT and Cosmopolitan Housing Group in £1.3 billion merger
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| Wednesday 30th November 2011 |
North West-based housing associations Chester & District Housing Trust and Cosmopolitan Housing Group are to merge this week in a £1.3 billion deal.
The Tenant Services Authority has given its final approval for the merger, which will create a new group of nearly 14,000 homes across Cheshire, Merseyside and the North West, placing it among the 10 largest housing groups in the region.
The organisations says that residents will keep their local identity but share central costs, with opportunities for new initiatives, improved services and increased involvement.
At a meeting in October, the CDHT Board unanimously agreed to join the Cosmopolitan Housing Group, which has a portfolio of more than 3,500 student homes, as well as an enterprise arm. The group aims to make efficiency savings which will provide further investment into residents' homes, as well as an immediate increase in the number of new homes and in new and improved services. The group will also seek to create new jobs, be one of the top performing organisations in the North West, have the highest levels of satisfaction and make a positive impact on neighbourhoods.
Chief executive of Cosmopolitan Housing Group John Denny, said: "After all of the build up, I'm delighted that we are now all part of Cosmopolitan Housing Group. This is a genuine coming together of two like-minded organisations which complement each other well. All our residents will see the real benefits that will emerge from becoming one of the largest and most diverse organisations in the North West. What a start too. We will have a development programme along with Wulvern to build new homes that amounts to more than 10 per cent of the total allocation of Homes and Community Agency grant given to the North West; the first of the many successes that will come from the creation of our new group.
Chair of the CDHT Board Rob Thompson added: "The vision of CDHT is to 'create opportunity by doing the right thing'. The decision taken by the Board to merge with Cosmopolitan Housing Group has created the opportunity to build a powerhouse of a regional organisation and to create employment and community opportunities for all of our tenants.
"I firmly believe this merger is in the best interests of the tenants and leaseholders of both CDHT and CHG. In these difficult economic times the two companies have decided to work as one; combine the best practices of both and build an improved future for tenants and communities. These are exciting times indeed." |
| Posted by 0 for Cosmopolitan Housing Group Ltd. |
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