Legal & General Capital and Dutch pension fund manager PGGM have completed on the purchase of a build-to-rent development in Bristol.
The site, known as ND7, has planning consent for 168 homes and was bought for £4.8m from Squarebay.
It will be built and managed by LGIM Real Assets, on behalf of LGC, with completion anticipated in autumn 2018.
It is the first purchase by the new partnership announced by L&G and PGGM, which said it will invest £600m into the UK PRS.
James Lidgate, LGC’s director of housing, said: “This scheme is an excellent example of the partnership’s asset acquisition strategy – investing in long-term sustainable urban schemes centred around key transport hubs that support wider urban regeneration by maximising land density and better utilising the local existing infrastructure.”
Alder King advised the vendors, Lambert Smith Hampton advised L&G.
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