LGIM Real Assets has appointed urbanbubble, the residential property managing agent, to help deliver a new standard of service to the UK rental market.
22 Feb 2017
L&G’s first build-to-rent (BTR) scheme, The Slate Yard in Salford opens in early summer 2017.
Earlier this month, Government’s Housing White Paper recognised the key role that BTR can play in helping to solve the housing crisis. The current UK rental market has not provided its residents with acceptable renting standards across the board. Many renters find themselves at the mercy of expensive moving fees, unresponsive managers, and private landlords who often want to minimise upkeep costs and maximise rents. It is important that renters get access to high quality, well managed accommodation, specifically designed for the rental market in urban locations that they want to live.
Legal & General, with urbanbubble, is looking to pioneer a new service proposition with a move away from this traditional renting model, so that renting can become an active choice for the market.
urbanbubble will be delivering this new service offer at LGIM Real Assets’ 225 unit scheme in New Bailey in Salford, The Slate Yard, which will welcome residents in early Summer 2017.
Legal & General, through Legal & General Capital and LGIM Real Assets, entered the BTR market in 2016, in partnership with PGGM. Legal & General now has a circa £1 billion fund to invest and build new large scale rental development properties and hasover 1,000 build to rent homes under construction or in planning. As well as Salford, Legal & General has BTR properties going up in Bristol, Salford and Walthamstow.
Dan Batterton, BTR Fund Manager, LGIM Real Assets said: “The UK rental landscape has changed in recent years with greater numbers of people renting, but with varied experiences. We can create healthy competition and improve standards across the rental market with higher, more transparent and consistent levels of service offered by institutional-backed operators. urbanbubble shares our vision of wanting to deliver a new standard of service to this market so we can provide homes for each individual rather than a one-size-fits-all flat to rent.
“This new level of service will allow for all types of tenants’ needs and give them choice. This means that families can benefit from keeping their own pets, having a community around them, and occupational security from flexible tenancies. This new standard will help make renting an active choice for all UK residents.”
Michael Howard, Managing Director of urbanbubble added: “I am thrilled with the partnership with LGIM Real Assets and urbanbubble, especially with the inaugural BTR scheme, The Slate Yard, being right here in the North West. I have been a vocal advocate of Build to Rent since 2011 as it fixes what I believe is a broken market where the customer has limited choice or power on the standard of service. We are so excited at the brief from LGIM which fits naturally with our own vision and culture and we can’t wait to launch The Slate Yard and share the experience a BTR scheme can provide for its customers.”
Tina Clinton, Head of PRS at urbanbubble, added: “We share the same values and passion as Legal & General to make our cities a better place to live. Together we are committed to providing communities which our customers are proud to call their home, providing security of tenure, whilst remaining flexible to meet their every need.
“Since our conception back in 2008, urbanbubble has always had one core principle which was to place our customers are at the heart of everything we do. Our promise for the private rental market is one of aspirational living, within a community where people are genuinely cared for and first-class facilities and homes are provided.
“The first scheme is due to launch off-plan towards the end of March 2017. The urbanbubble team looks forward to working closely with L&G on this unique, proposition, engaging with our new customers and is excited to deliver a market leading service.”
urbanbubble, a residential managing agent, founded in 2008, has its head office in Manchester’s Northern Quarter and a further office in Liverpool's Baltic Triangle. urbanbubble has over 100 residential schemes with 7,000 apartments under management across the North West with a further pipeline of 4,000 units committed from developers on site within the region.
A team of 110 provides a holistic Residential Property Management Service covering: Block and Estate Management; Facilities Management; Maintenance and Repairs; Build to Rent Operations; Development Appraisal and BtR Financial Consultation; Sales and Lettings.
Notes to editors
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
(As of June 2021)
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