Legal & General Investment Management has agreed a £150m forward funding deal for Telford Homes Stratford International scheme.
LGIM, on behalf of Legal & General Retirement, will fund the 301-home build-to-rent scheme at International Way in Stratford. This includes 247 market rent and 54 discount market rent homes. The deal is LGR’s fourth forward funding deal and brings the group’s BTR pipeline to over 7,500 homes.
A further 79 affordable rented homes will be purchased by L&G Affordable Homes.
The scheme exceeds Part L building regulations with 42% cumulative CO2 savings in the residential areas and 36% for the commercial elements, and is targeting a BREEAM excellent rating.
Construction work has started and is set for completion in 2025.
Adam Russell, senior residential transactions manager for LGIM Real Assets, said: “The area has undergone significant regeneration and place-making in recent years and is now London’s biggest rental hub. This, alongside its future employment growth potential and transport connectivity, makes it an attractive long-term rental destination and fantastic investment opportunity.”
Avison Young advised Legal & General Investment Management and Savills advised Telford Homes.
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