Legal & General has appointed a former Savills residential capital markets expert as it beefs up its team ahead of greater involvement in the Build To Rent sector.
Adam Russell not only has experience from Savills but was most recent the head of acquisitions at private rental landlord Fizzy Living.
Russell will be responsible for sourcing land and development funding opportunities in major cities considered best suited to L&G’s long-term Build to Rent investment model.
L&G has said in the past that it prefers well-located sites that benefit from good transport links and related infrastructure, through schemes where planning risk has been minimised but where there is still the opportunity “to influence all aspects of design and construction from the start.”
To date, L&G has three Build to Rent sites in Walthamstow, Bristol and Salford to build a total of 900 homes.
Legal & General has announced a general pledge to invest up to £1 billion to create 3,000 units to let over the long term. It is working with Dutch pension fund manager PGGM.