FTSE 250-listed landlord Grainger has been selected by Transport for London (TfL) as its preferred bidder for a strategic partnership to deliver over 3,000 private rental sector (PRS) homes across eight seed sites in London.
Financial details were not disclosed.
According to Grainger, the UK's largest listed residential landlord with over 8,200 rental properties, the scheme will include a minimum of 40% affordable homes on all new planning consents, with the remainder predominantly for the private rental market.
'We are delighted to be selected by TfL to work with them to deliver over 3,000 homes for Londoners,' said Helen Gordon, chief executive of Grainger.
'Through this long-term partnership we will provide much needed quality, purpose-built rental homes in attractive locations with great transport connections across the city. Future residents will benefit from Grainger's experience and expertise, dedicated onsite management, and commitment to delivering great rental homes,' Gordon added.
The 49:51 joint venture, majority owned by Grainger, will deliver homes adjacent to tube stations across Newham, Ealing, Lambeth, Greenwich, Hounslow and Enfield.
Dan Lovatt, head of build to rent at Transport for London, said: 'Build to rent is a really exciting programme and we're thrilled at the prospect of working with Grainger PLC to build the homes that our city desperately needs.
'This long-term partnership provides us with an unrivalled opportunity to deliver affordable, high quality homes at pace while also generating significant ongoing revenue to reinvest back into the transport network.'
Work has commenced on the early stages of the planning application process for a number of the schemes. TfL said that build to rent was one aspect of its wider programme to provide a long-term development pipeline, delivering an initial 10,000 homes across 320 acres, with a target to start construction on the sites by 2021.