Legal & General has exchanged contracts on a new Build-to-Rent (BTR) site in Chelmsford City Centre, on behalf of its UK Property Fund, which is now worth in the region of £3bn.
The BTR site, known as Chelmer Waterside, forms part of a major mixed-use development in Chelmsford, comprising 421 residential apartments, associated landscaping and local retail amenities.
The BTR element, which is being developed by Taylor Wimpey in conjunction with Legal & General, comprises 189 studio, one-, two- and three-bedroom flats, near the city centre.
Legal & General has committed £24.5m to the acquisition and development of the site which is bounded by the River Chelmer and Springfield lock.
Legal & General has a strong track record in the BTR sector and this purchase marks the 15th BTR asset across Legal & General’s wider platform.
Matt Jarvis, senior fund manager, UK Property Fund, at LGIM Real Assets, said: “The BTR transaction forms part of our strategic focus to increase our exposure to alternative and operational assets, whilst demonstrating the breadth of our wider fund management platform.
“The Fund continues to look to invest in assets in good locations and with strong property fundamentals. Both Chelmsford and Salford are exemplary of this.”