Legal & General has bought a site in Bath for £47.5m, which it intends to turn into a 171-home rental scheme.
The Roseberry Place site on the Bath City Riverside has outline planning, and L&G said it will be working closely with the developer on the build-to-rent designs.
The site was owned by Deeley Freed Estates, and has been bought by LGIM Real Assets on behalf of its BTR fund, together with its joint venture partnership between Legal & General Capital and PGGM, the Dutch pension fund manager.
James Lidgate, director of housing at Legal & General Capital, said: “This latest acquisition is in line with our strategy of increasing our direct investment exposure to housing and establishing build-to-rent as an institutional asset class – investing Legal & General’s balance sheet capital, alongside other third party capital, to achieve high-quality risk adjusted returns.”
This is Legal & General’s fourth BTR scheme, with existing sites progressing well in Bristol, Salford and Walthamstow. It has a total housing pipeline of over 70,000 units, of which 1,200 are BTR homes.
Cushman & Wakefield acted for L&G on the deal.
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