Legal & General has bought an affordable housing scheme in east London that is set to provide 207 new homes, marking its largest buy in the subsector to date.
L&G’s Affordable Homes fund has picked up the scheme at Deanston Wharf, which sits within Ballymore’s Royal Wharf regeneration scheme near London City Airport.
The Deanston Wharf site is made up of 104 homes for affordable and social rent and 103 for shared ownership, spread over four buildings. Completion is due in the first half of 2023.
The L&G scheme will sit adjacent to Ballymore and Oxley’s 40-acre regeneration site on the banks of the Thames, which will include a high street, pub, community centre and a primary school.
L&G said it now has more than 1,000 affordable homes in operation or development across Greater London.
Ben Denton, chief executive at L&G Affordable Homes, said: “The pandemic has affected every corner of our lives and has emphasised the need to provide safe, secure, affordable housing for families right across the country.
“We continue to prove the model of deploying institutional capital at scale to meet affordable housing need alongside delivering sector-leading customer service satisfaction through our network of management providers.”
John Mulryan, managing director at Ballymore, added: “ This deal is testament not only to the quality of housing we are delivering at Deanston Wharf, but also the strength of the wider community at Royal Wharf, and we look forward to continuing the regeneration of this exciting area of London.”
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