Legal & General to build new housing project in England
Mar 24, 2017 – Legal & General has unveiled plans to build over 170 new build-to-rent (BTR) homes on a city centre development site it purchased for £47.5M in Bath [pictured], England.
The Roseberry Place development will be located on a brownfield land site in the Bath City Riverside Enterprise Area on the river. The property will feature 171 apartments, 126 car parking spaces and 1,580 sq m of retail space.
Legal & General Capital director of housing, James Lidgate, said: “This latest acquisition is in line with our strategy of increasing our direct investment exposure to housing and establishing Build to Rent as an institutional asset class — investing Legal & General’s balance sheet capital, alongside other third party capital, to achieve high-quality risk adjusted returns.
“This scheme is an excellent example of the partnership’s asset acquisition strategy — investing in long term sustainable urban schemes that support wider urban regeneration by better utilising the local existing infrastructure, and maximising land density in areas where there is a shortage of housing supply.”
The development represents Legal & General’s fourth BTR project. Overall, the group has a pipeline of over 70,000 housing units, of which 1,200 are BTR units.
The project has been acquired by LGIM Real Assets on behalf of its BTR fund, along with its joint venture partnership between Legal & General Capital and PGGM.
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