Peabody in the news

South-east London housing association to become a Peabody subsidiary.

GallionsGallions Housing Association is set to become a subsidiary of Peabody in the autumn of 2013 (subject to approval from our regulator).

This agreement represents a huge opportunity to realise our development potential and provide more options to our existing residents.

In total, the group will own or manage around 27,000 homes, which will enable economies of scale and stronger buying power. Gallions will continue to operate as a separate organisation accountable to the regulator.

Gallions is a well-run housing association with 6,500 homes based mainly in Thamesmead in south east London. Thamesmead was conceived as a new town in the 1960s and it possesses many of the elements required to make a vibrant and successful neighbourhood. There are plenty of green open spaces and waterways, good schools and improving transport links.

Over the next 10 years we plan to invest £200m in regenerating Thamesmead, build 700 new homes and invest money each year in Gallions’ existing homes.

Peabody’s size and financial strength will enable us to work with Gallions and other partners to refurbish and improve Thamesmead. We’ll be able to achieve this without diverting any resources from existing Peabody residents.