Legal & General IM has agreed a £130m forward funding deal for a build-to-rent scheme in Lewisham, SE13.
LGIM has exchanged contracts to purchase Watkin Jones’ 322-home scheme on Conington Road.
The deal is the second between the pair, following the sale of 216 homes at Hove Gardens, earlier this year, bringing the total investment to in excess of £200m.
The Lewisham scheme will rise to 35 storeys and include a rooftop deck, gym, co-working space and a residents’ lounge. Construction is already underway and completion is expected in phases between 2023 and 2024.
Alex Pease, chief investment officer at Watkin Jones, said: “This development will be a striking new addition to the south London skyline and is designed to add long-term value for the community in Lewisham.
“We are already seeing the London rental market rebound after the pandemic and creating new homes to meet demand is vitally important.”
Mike Powell, senior transactions manager for LGIM, added: “This new scheme will be a significant contributor to tackling the local housing shortage, providing purpose-built rental homes with long leases for all ages, demographics and social groups as part of our continued efforts to improve rental standards across the UK.”
L&G was advised by Avison Young.
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
