British Land is also in exclusive negotiations to acquire a private rented sector operator, it disclosed, to add scale and operational expertise to its emerging build-to-rent business.
Chief executive Chris Grigg said: “Build-to-rent is a new area of focus for British Land but is complementary to our existing expertise and is an important part of our mixed use vision. The market is underpinned by sound fundamentals, with housing generally undersupplied relative to demand and ability to buy constrained, making renting an attractive option for a growing number of people. Added to this, ownership is relatively fragmented, creating an opportunity for professionally-managed, quality space especially in London and the southeast.”
Yesterday we reported that Land Securities is planning to build more than 4,000 homes on its suburban London retail sites. It intends to submit planning applications in the coming months for £1bn of mixed-use schemes at Finchley Road and Shepherd’s Bush.