Allison Homes has announced a deal with Legal & General Affordable Homes as the first of the strategic partnerships which will support the housebuilder’s ambitious growth plans.
8 Feb 2022
Under the agreement, 176 of the 315 homes at Allison Homes’ new development, The Oaks in Postwick, Norwich, have been forward sold to Legal & General (L&G). Fifty-seven of the homes will be affordable rent and 119 shared ownership.
Since Allison Homes was purchased by management and US investment firm PIMCO in November 2021, the company has announced plans to be building over 2,000 homes a year within the next five years.
The Oaks development is the first from Allison Homes in the eastern counties. The regional office in East Tuddenham has already expanded and further recruitment is expected as the company seeks to deliver more homes throughout Norfolk and Suffolk.
John Anderson, CEO Allison Group: "We are delighted to have finalised this deal with Legal & General Affordable Homes and are looking forward to working with them to deliver much needed new homes for the area. The agreement allows us to accelerate the pace of development at the site and marks the establishment of our partnership division which will play a key role in delivering on our ambitious growth plans.”
Ben Denton, Chief Executive, Legal & General Affordable Homes: "This is a great opportunity for L&G Affordable Homes to partner with Allison Homes on this significant site just west of Norwich. We are delighted to be working with Allison Homes to support their impressive growth trajectory. L&G Affordable Homes is growing at pace, injecting institutional capital to expand the affordable housing marketplace. This is also one of our first sites where we are investing Homes England Strategic Partnership Grant funding."
Edward Hendry, Commercial Director, heads up the East Tuddenham-based team: “We’re delighted to get work underway at The Oaks, the partnership with L&G Affordable Homes has played an essential role in accelerating the process so far. The Oaks will offer two-, three-, four- and five- bedroom homes in a wide range of styles. We’re already seeing a lot of interest in the site from potential buyers, both from the local area and further afield. We’ve taken great care to design the homes at The Oaks to reflect the local architectural style and ensure that the development quickly becomes a thriving new community.”
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
(As of June 2021)