L&G Retirement pension fund plans £2.5bn BTR push
Legal & General Retirement Institutional is planning to invest £2.5bn of defined-benefit pensuion schemes’ funds into build-to-rent schemes over the next five years, creating upwards of 7,000 new homes.
LGRI last year invested more than £500m in the development of four BTR schemes in Stratford, Hove, Southampton and Lewisham, creating some 1,300 new homes. The developments are scheduled to be ready for occupation from 2024.
Andrew Kail, chief executive of Legal & General Retirement Institutional, said: “Through investing pension funds into BTR schemes, we can invest into developments that contribute to the regeneration of cities all around the country and support the UK economy.
Legal & General Retirement Institutional is planning to invest £2.5bn of defined-benefit pensuion schemes’ funds into build-to-rent schemes over the next five years, creating upwards of 7,000 new homes.
LGRI last year invested more than £500m in the development of four BTR schemes in Stratford, Hove, Southampton and Lewisham, creating some 1,300 new homes. The developments are scheduled to be ready for occupation from 2024.
Andrew Kail, chief executive of Legal & General Retirement Institutional, said: “Through investing pension funds into BTR schemes, we can invest into developments that contribute to the regeneration of cities all around the country and support the UK economy.
“Today’s announcement showcases our commitment to creating thousands of high-quality, sustainable homes for communities that need them most. This is inclusive capitalism at its best – by investing in the real economy, generating returns to pay pensions and create a better society for us all.”
Dan Batterton, head of BTR at Legal & General Investment Management Real Assets, added: “Following successful investments in 2021 and our long-term track record in the development and operation of BTR schemes, we are delighted that LGR’s commitment to expand its investment allows us to grow our mission and have a greater impact on the supply of high-quality rental housing in the UK.”
Within five years, the Legal & General Group will have committed at least £5bn to the BTR sector, providing some 15,000 purpose-built homes for rent.
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Image from L&G
