Legal & General has acquired a Build to Rent (BTR) site in Woolwich, south-east London, in partnership with Dutch pension fund manager PGGM.
Financial details were not disclosed.
The scheme, known as Macbean, has been acquired by LGIM Real Assets through its open-ended BTR fund. Subject to planning approval, the project aims to create over 650 new homes, besides 2,000 m2 of commercial space and a new public square.
‘Macbean is another great example of legal and general investment in a location with significant urban regeneration potential. Given the notable infrastructure developments in the area, it has been a target for us to expand our BTR offering and we remain firmly on track with our growth plans,’ explained Dan Batterton, BTR fund manager at LGIM Real Assets.
Legal & General’s BTR platform currently has a pipeline of around 3,000 homes, with the aim to have 6,000 in planning by the end of 2019.
Mathieu Elshout, senior director of private real estate at PGGM, added: ‘As a responsible investor of Dutch pension capital, it is our ambition to build long-term partnerships with prominent UK real estate players, investing in sustainable developments with a positive impact on the built environment over the long term.’