LGIM Real Assets (Legal & General) announces that it has exchanged contracts on a new Build To Rent (BTR) site in Chelmsford City Centre, on behalf of its UK Property Fund (“The Fund”).
21 Jan 2019
Since launch in 2006, the UK Property Fund has grown from £100m to over £3bn today as it continues to see steady capital investment from retail investors. This is the first BTR acquisition for The Fund as it continues to diversify its holdings into more operational assets, whilst adding to its Alternative exposure. This latest acquisition will sit alongside The Funds’ other recent alternative investments in hotels, healthcare and student accommodation.
The BTR site, known as Chelmer Waterside, forms part of a major mixed-use development in Chelmsford which will provide a landmark urban regeneration scheme for the city, comprising 421 residential apartments, associated landscaping and local retail amenities. The BTR element, being developed by Taylor Wimpey in conjunction with Legal & General, comprises 104 studio, one, two and three bedroom apartments in two adjoining Freehold blocks, 10 minutes’ walk from the city centre. The site is bounded by the River Chelmer and Springfield lock, with balconies offering sought-after riverside views.