Legal & General has bought a Build To Rent (BTR) site in the centre of Leeds, marking the fifth UK city to which it will bring its new rental offer.
This latest investment brings L&G’s total pipeline of BTR units to over 1,400 with an expected gross development value across the portfolio of £420m.
The Leeds site, Mustard Wharf, has been acquired from U+I in partnership with CTP, and has permission for 250 homes as well as 8,640 sq ft of commercial and amenity space.
L&G’s total investment capability for the Build to Rent (BTR) sector currently stands at circa £1 billion, having raised capital from major pension funds for an open-ended Build to Rent (BTR) fund, as well as a £600 million JV investment by Legal & General Capital and PGGM. Its existing sites in Bristol, Bath and Walthamstow are progressing well and its first scheme in Salford is due to welcome its first residents at the start of June.
L&G is involved in housing creation across the spectrum, backing a fast growing pipeline of over 70,000 new homes over the next five to ten years.
James Lidgate, Director of Housing at Legal & General Capital, said, “This latest acquisition supports our vision of investing in long-term sustainable urban schemes that support wider urban regeneration to transform and reshape Britain’s landscape, bringing jobs and housing back into the centre of cities and better utilising our existing infrastructure. When complete, Mustard Wharf will provide well-connected, high-quality housing which is essential for supporting the UK’s economic position and driving future growth.”
Mathieu Elshout, Senior Director Private Real Estate at PGGM, said, “PGGM Private Real Estate builds strategic partnerships all over the world. This acquisition demonstrates the success of our partnership with L&G, having already secured five UK City regeneration schemes for our joint venture since its start last year.
“This enables us to make a positive difference to the built environment. Shaping the project from the outset, the L&G asset management team are able to create from scratch, good quality residential accommodation that suits renters’ needs and offers a new, professional level of customer service, while also addressing the UK’s housing shortage.”