Legal & General’s Retirement Institutional division has announced a massive £2.5 billion investment to deliver as many as 7,000 Build To Rent homes across the country by 2027.
LGRI invested over £500m last year on the development of four BTR schemes in Stratford, Hove, Southampton and Lewisham, which will create over 1,300 new homes. The first residents are expected to move into the Hove and Southampton developments in 2024.
Now LGRI its teaming up with sister operation Legal & General Investment Management Real Assets, which is already one of Europe’s largest institutional asset managers and a major global investor.
LGIMRA is one of the largest investors into BTR and has already invested £2.5 billion into 20 schemes around the UK, with 2,700 apartments already operational and a further 6,000 under construction.
Legal & General plans to regenerate derelict, unused sites in the UK’s towns and cities to deliver what it calls “economically and socially useful assets.”
Through these investments, spread across the UK, Legal & General says it’s an example of “Inclusive Capitalism” to back the government’s “Levelling Up” agenda.
A statement from Legal & General this morning says: “The BTR apartments are designed with a focus on lifestyle and resident satisfaction, ensuring quality, operational efficiency, and long-term environmental sustainability that meet the needs and aspirations of residents … All Legal & General BTR units are targeting Net Zero Carbon in operation by 2030.”
Andrew Kail, the chief executive officer of Legal & General Retirement Institutional, says: “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.”
And Dan Batterton, head of BTR at Legal & General Investment Management Real Assets, adds: “Within five years, the Legal & General Group will have committed a total of at least £5 billion to the sector, providing 15,000 purpose built BTR homes.”
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The flip side of the very expensive retirement apartments, and of course with all the asssociated communal area costs, the tenants of the future do not know how good they have it right now ! The rents of today will pail in comparison to what the BTR brigade will charge. All the best.
Built by 2027, just right to house all those evicted because of EPC 'C' then, families with children living in boxes in the sky, what will that do to their mental health ?
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