Legal & General announces that it has exchanged contracts on its largest Build To Rent (BTR) site to date located in Woolwich. This scheme has been acquired by co-investors Legal & General Capital and PGGM, as well as pension fund capital raised by LGIM Real Assets through its open-ended BTR fund.
3 Jul 2018
This site, known as Macbean, is Legal & General’s third BTR scheme in London, with existing developments progressing in Walthamstow and Croydon. With a total BTR pipeline of around 3,000 homes across nine schemes countrywide, Legal & General aims to have 6,000 homes in planning, development or operation by the end of 2019.
Located near Woolwich Arsenal Station, this brownfield site has been identified as one of the last development opportunities of scale opposite a Crossrail station, within one of the highest growth areas along the new rail line. Woolwich, within the Borough of Greenwich, is benefiting from intensive regeneration and significant investment in housing, transport, retail and leisure, and has become an increasingly aspirational location. With the improved transport infrastructure, the area needs a greater supply of housing to meet growing demand. According to the Government’s Objectively Assessed Housing Need consultation, 3,313 additional homes are required each year in the Borough. The Macbean development will be a significant contributor to this chronic shortage of housing.
James Lidgate, Director of Housing at Legal & General Capital "This latest development, our largest BTR acquisition to date, is another step forward for Legal & General in its ambitions to tackle the severe housing shortage that the UK is facing..."