If the tie-up goes ahead, the new company would be able to build 100,000 new homes across London and the South East over the next 10 years – 35,000 more than they could if they remained independent.
Elaine Bailey, Chief Executive of The Hyde Group, said: “The combined strength of all three associations means that we will be able to deliver a housebuilding programme that would have been impossible to achieve for each organisation alone.
“As well as this, we want to lead the sector in customer service, meeting the service aspirations of all our residents across a range of housing tenures.
“Put simply, we are stronger together – more financially capable of delivering and managing our stock than we are apart.”
If the merger is successful, the new company would be worth around £30bn.
David Montague, Chief Executive of L&Q, said: “Our plans will allow us to tackle the housing crisis head on, driving greater efficiency, building more homes, creating beautiful new places and sustainable, independent communities.
“At the heart of our united mission will be the continued provision of affordable homes for those in need.”
The new firm also plans to set aside an extra £250m for community investment and funding charities.
Yvonne Arrowsmith, Chief Executive of East Thames, said: “We know there is a high demand for affordable housing amongst the communities we work with as well as major opportunities for growth.
“Joining with L&Q and Hyde enables us to remain committed to these communities and to maximize our impact there.
“It also brings the opportunity to grow much needed care and support services for vulnerable or elderly residents, which can be expanded across L&Q and Hyde’s areas of operation, stretching as far as Hampshire and Sussex.”
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