Legal & General Retirement Institutional will invest a further £2.5bn of Defined Benefit schemes’ retirement funds into delivering more than 7000 build to rent homes over the next five years
In 2021, LGRI invested over £500m on the development of four build to rent (BTR) schemes in Stratford, Hove, Southampton and Lewisham. They will create over 1,300 much needed new homes and the first residents are expected to move into the Hove and Southampton developments in 2024.
The investment is supported by Legal & General Investment Management Real Assets (LGIMRA), one of the largest investors in BTR schemes which has already invested c£2.5 billion into 20 schemes around the UK.
Net zero
2,700 apartments are already in operation and a further 6,000 are under construction. They are designed with lifestyle and resident satisfaction, in mind ensuring quality, operational efficiency, and long-term environmental sustainability.
All L&G BTR units are targeting net zero carbon in operation by 2030.
Regeneration
Andrew Kail, chief executive officer, Legal & General Retirement Institutional: “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.”
High quality rental housing
Dan Batterton, head of BTR, Legal & General Investment Management Real Assets: “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 a total of at least £5bn to the sector, providing 15,000 purpose built BTR homes.”
