RESIDENTIAL SUMMIT: Legal & General Capital and Dutch pension fund manager PGGM have bought a 135-home private rental sector site in Salford from the English Cities fund.
The site is part of the New Bailey regeneration scheme, devised and designed by the ECf, which is a joint venture between Muse Developments, Legal & General and the Homes and Communities Agency.
It is the second residential scheme that L&G have taken on in the project: the new Salford site has full planning consent for 135 units over 15 storeys, providing a total of 225 new homes which will be managed by LGIM Real Assets.
The latest addition brings the joint venture between L&G and PGGM’s current pipeline to nearly 800 new homes, with a total capital commitment of over £250m.
James Lidgate, director of housing at Legal & General Capital, said: “We are proud of our philosophy for built to rent, and will only invest in and develop purpose-built schemes that offer renters a good quality, affordable choice that suits their personal circumstances and lifestyle.”
Construction is due to begin in April 2016, with practical completion to be delivered in March 2018.
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