Legal & General to deliver 170 built-to-rent homes in Bath

Legal & General to deliver 170 built-to-rent homes in Bath

Legal & General (L&G) has announced plans to create over 170 build-to-rent (BTR) homes in Bath.

The Roseberry Place development has outline planning for 171 apartments, 126 car parking spaces and 17,000 sq ft of retail space in the Bath City Riverside Enterprise Area and would utilise brownfield land acquired by LGIM Real Assets for £47.5m.

This latest project marks L&G’s fourth BTR venture following schemes in Bristol, Salford and Walthamstow and would bring its total housing pipeline to 1,200 BTR homes.

Dan Batterton, BTR fund manager at LGIM Real Assets, said: “This acquisition is a prime example of the type of compelling opportunities there are in the market at the moment, as we continue to build our pipeline.

“We are targeting well-located sites where there is the opportunity to influence all aspects of design and construction from the start to create a best-in-class product that will provide a positive lifestyle choice for elective renters.

“We remain on track to deliver on the growth plans for our major BTR platform [and are] focused on holding assets for the long term on behalf of investors.”

L&G has £1bn to invest in developing new large-scale rental development properties to provide rental income for pension funds.

The Bath scheme was acquired by LGIM Real Assets on behalf of L&G’s BTR fund in a joint venture partnership between L&G Capital and Dutch pension fund manager PGGM.

Cushman & Wakefield acted for L&G on the transaction.

James Lidgate, director of housing at L&G Capital, said: “This latest acquisition is in line with our strategy of increasing our direct investment exposure to housing and establishing BTR as an institutional asset class – investing L&G’s balance-sheet capital, alongside other third-party capital, to achieve high-quality, risk-adjusted returns.

“This scheme is an excellent example of the partnership’s asset-acquisition strategy – investing in long-term, sustainable urban schemes that support wider urban regeneration by better utilising the local existing infrastructure, and maximising land density in areas where there is a shortage of housing supply.”

Last month, LGIM Real Assets, appointed residential property managing agent urbanbubble to help deliver its first build-to-rent (BTR) scheme in New Bailey, Salford.

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