Legal & General has acquired a 2.5 acre site in Walton-on-Thames, UK from property REIT British Land, where it plans to develop a senior housing scheme.
The project will represent L&G's third scheme under development for its Guild Living business, an operator and developer of urban later living accommodation, which L&G launched in the second quarter of the year.
Guild Living aims to deliver over 3,000 senior living units in the next five years, with the Walton site contributing around 300 new homes, subject to planning.
In line with other Guild Living schemes, the Walton development will include a restaurant and wellness centre, alongside commercial and retail space and a children’s nursery.
'Within just two months of launch, this latest acquisition brings the pipeline of homes we are delivering nearly 800 across the UK,' said Eugene Marchese, director of design and dnnovation at Guild Living.
Knight Frank advised Legal & General on the acquisition.