Legal & General has announced its first investment in the growing UK Build to Let sector with a specific project in Walthamstow and a general pledge to invest up to £1 billion.
Legal & General Capital, the investment division of the group, has acquired an initial £25m regeneration site at Walthamstow to build and let over 300 units ranging from one to three bedroom flats.
The UK has a chronic shortage of housing. Today's investment and our future plans for the PRS should help address the structural issues which have contributed to the shortage. We view investments over 30 or more years and are using our long term capital to change the way the UK housing market is financed. This will be the first of many PRS deals for LGC claims Laura Mason, director of investments at Legal & General Capital.
The firm says Build to Let is a key part of solving the housing supply crisis which appeals to investors because it allows a scale of construction and letting that delivers management efficiency and a high standard of customer experience.
The Walthamstow development will be built and managed by Legal & General Property, on behalf of LGC.