The acquisition of THT is expected to be completed this June. L&Q claims it will unlock a further £4bn of investment in the North West by combining the capabilities and resources of the two housing associations to create 20,000 new homes over the next 10 years.

The planned L&Q takeover builds on a highly successful joint venture partnership that has already seen 679 housing starts with a further 1,493 in the pipeline since it was launched in April 2017.

L&Q has also pledged to spend £2m each year improving the standard of THT’s existing homes, as they come up for re-let.

The acquisition is focused on investment and growth although over time, there will be savings by removing duplication and increasing efficiencies.

L&Q group chief executive David Montague said: “L&Q has an ambitious plan to build 100,000 quality new homes over the next 10 years to tackle the national housing crisis.

“We see THT as a gateway to the North West, an area of outstanding growth that needs more high quality, affordable homes.

“We are excited by the opportunity to invest in the North West with a partner that shares our social purpose, values and ambition, has excellent local knowledge and a strong reputation for innovation and delivery.”

Larry Gold, Acting Chief Executive of THT, added: “This is a unique creation that will be built on true partnership and the strength of our vision, and the people who will deliver it. As part of L&Q, we’ll create significant social impact in the North West at scale and pace and strive to find solutions to the national housing crisis.

“We will deliver an extensive programme of new development and regeneration projects, as well as improving homes and services for our existing customers.”

THT currently has joint venture partnerships with Galliford Try, Wates and Wilmott Dixon to build homes for rent and sale across Greater Manchester and the North West of England.

L&Q is one of the UK’s leading housing associations and developers, managing more than 90,000 homes across London and the South East.