L&G expands rental housing with Great Haddon buy
Legal & General’s suburban build-to-rent business has bought its second scheme, adding 117 homes to the pipeline.
The SBTR venture has expanded to Great Haddon in Peterborough, following on from a debut scheme last year with plans for 124 homes at its £1bn North Horsham site.
L&G launched the business at the end of last year, with a plan to deliver more than 1,000 homes annually from 2024.
Legal & General’s suburban build-to-rent business has bought its second scheme, adding 117 homes to the pipeline.
The SBTR venture has expanded to Great Haddon in Peterborough, following on from a debut scheme last year with plans for 124 homes at its £1bn North Horsham site.
L&G launched the business at the end of last year, with a plan to deliver more than 1,000 homes annually from 2024.
L&G paid £25m for the Great Haddon scheme, which will be delivered by developer Countryside.
FTSE 250 Countryside has been seeking to expand its partnerships business, through this type of deal. However, a recent trading update reported poor performance for the housebuilder, with completions, revenue and profit all sliding, also announcing the departure of chief executive Iain McPherson.
David Reid, managing director at Legal & General Suburban Build to Rent, said: “Build-to-rent as a sector has consistently demonstrated value to investors, delivering robust and defensive income streams, suitable for patient capital investment.
“This is clearly about more than strong investment prospects for us; it’s about providing high-quality rental housing for families across the UK, as working practices and lifestyle demands continue to evolve.”
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Photo: Countryside
