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Two sites in Wandsworth have been acquired by the Legal & General BTR Fund, PGGM and Legal & General Capital, with plans to deliver L&G’s largest build-to-rent (BTR) scheme yet. The sites are located adjacent to Wandsworth Town train station and comprise a total of six acres. The scheme, which already has planning consent, will cost £500 million to develop, and will comprise 85,000 sq ft of commercial space and 1,000 homes — 35% of which will be affordable.
According to Mathieu Elshout, senior director of private real estate at PGGM, “Our growing BTR venture with Legal & General continues to deliver on our goal to have a positive impact on the UK’s built environment over the long term. As a responsible investor of Dutch pension capital, we are delighted to be partnering with Legal & General on this flagship scheme, delivering quality and affordable homes for elective renters and helping to tackle London’s growing housing crisis.”
While head of build-to-rent at LGIM Real Assets, Dan Batterton, says: “This latest acquisition 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 socioeconomic impact. The location is highly desirable for renters and, with 1,000 units planned for the site, demonstrates Legal & General’s ambition to make a real impact on the delivery of new homes within the UK. Representing our largest scheme to date, this flagship BTR development is another step forward towards tackling the severe housing crisis facing both London and the UK, offering homes for all ages and social groups, as well as reduced living costs thanks to economies of scale.”
Colliers Capital and JLL advised on the transactions.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.