L&G signs £40m Coventry resi deal with Vistry
Legal & General’s Suburban Build to Rent platform and Vistry Group have signed a £40m deal to deliver 147 homes in Coventry.
The homes form part of a larger development by Vistry in the Keresley suburb of northern Coventry, where it is looking to build 550 homes across two sites, with 147 of these now acquired by L&G SBTR for private rental.
As part of the first phase of development, £8m of planning contributions will also be invested in local services for the community, including education, healthcare, highways, biodiversity-offsetting measures, and parks.
Legal & General’s Suburban Build to Rent platform and Vistry Group have signed a £40m deal to deliver 147 homes in Coventry.
The homes form part of a larger development by Vistry in the Keresley suburb of northern Coventry, where it is looking to build 550 homes across two sites, with 147 of these now acquired by L&G SBTR for private rental.
As part of the first phase of development, £8m of planning contributions will also be invested in local services for the community, including education, healthcare, highways, biodiversity-offsetting measures, and parks.
The deal will deliver a diverse mix of homes that benefit from air-source heat pumps, solar panelling and electric vehicle charging points.
The site is part of a wider sustainable urban extension opposite an area of ancient woodland, with expected access to nature and open space alongside community facilities such as schools, convenience retail, and primary healthcare.
David Reid, managing director of L&G SBTR, said: “As a dedicated single-family housing investor, L&G SBTR aims to meet the UK’s diverse housing needs by working with leading development partners like Vistry to scale up delivery of new, high-quality family homes across the UK.
“Bringing new homes to Coventry – our first entry into the West Midlands – is part of our ongoing work to tackle the UK’s need for reliable long-term rental options while also building out assets for our long-term partners.”
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