Legal & General Capital (LGC) has announced that it is close to securing its second investment in the Build to Rent market.
The development, a joint venture between Muse Developments, Legal & General and the Homes and Communities Agency, will be the first custom-built Private Rental Sector scheme to be delivered in Greater Manchester.
LGC is expected to put £16m towards the scheme, which will create 90 homes on the border of Salford and Manchester.
The properties will be a mixture of one, two and three bedroom apartments, and the development is expected to be completed by the end of 2016.
“We have the ability to provide a new class of rental accommodation, based off fair value rents but with a higher quality offer, and greater tenant service and flexibility,” says Laura Mason, director of Direct Investments at LGC.
Earlier this year Legal and General announced its intention to invest up to £1bn in the Private Rental Sector and this latest development represents its second Build to Rent investment.
The first was the acquisition of a regeneration site in Walthamstow, London, with planning for over 300 flats.
The firm says it is seeing to partner with like-minded international capital, in order to grow a portfolio of fairly priced and well-located schemes in key UK cities.