Legal & General has acquired its largest build-to-rent (BTR) site to date in Woolwich, along with its co-investor Dutch pension fund PGGM and pension fund capital from its open-ended BTR fund.
The Woolwich site is L&G’s third in London, after Croydon and Walthamstow, as it plans to have 6,000 homes in planning, development and operation by the end of 2019. The new site is close to the new Crossrail line and in a high growth area, which is benefiting from regeneration and significant investment in housing, transport, retail and leisure. Due to its improved transport links, the area needs an increased supply of housing, so the 650 BTR homes will help alleviate this.
LGIM Real Assets fund manager for BTR, Dan Batterton, said: “This is another great example of Legal & General investing in a location with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive long-term socioeconomic impact. The location is highly desirable for renters and, with over 650 units planned for the site, is of a size which will offer significantly reduced living costs thanks to economies of scale.” PGGM senior director private real estate, Mathieu Elshout, added: “As a responsible investor of Dutch pension capital, it is our ambition to build long-term partnerships with prominent UK real estate players, investing in sustainable developments with a positive impact on the built environment over the long term.”