Legal & General has transferred ownership of a £25m regeneration site on the notorious Ferry Lane Industrial Estate in Walthamstow, E17, to build its first direct PRS scheme.
Legal & General Capital will take on the site from Legal & General Industrial Property Investment Fund to build and rent 300 flats.
L&G IPIF submitted plans for the project in June 2013. It will be L&G’s first direct PRS development in the UK as part of its long-touted plan to become a major owner of rented accommodation.
L&G wants to invest up to £1bn in the sector.
Managing director Bill Hughes said: “We consider PRS to be a key part of solving the housing supply crisis. The sector will enhance economic productivity by providing greater flexibility, as well as providing good value, high-quality accommodation.
“It is essential to us that we focus on purpose-built ‘build to rent’ investments of scale that are capable of delivering management efficiency and a high standard of customer experience.”
Director of investments Laura Mason said: “We view investments over 30 or more years and are using our long-term capital to change the way the UK housing market is financed. This will be the first of many PRS deals for LGC.”
