Legal & General Affordable Homes (Legal & General) announces that it has secured its first four affordable schemes, comprising 278 new homes in Croydon, Cornwall, Dunstable and Shrivenham.
13 Jun 2019
With an ambition to deliver 3,000 affordable homes annually within the next four years, Legal & General has also secured a further pipeline of over 40 sites across the UK, providing 1,500 affordable homes in the next 24 months.
Social housing plays a vital role in meeting the housing needs of ordinary people, giving millions the quality, dignity, safety and security that they need. Stable housing builds stable communities. Institutional investors, such as pension funds, hold long-term patient capital and seek long-dated stable returns. Long-term capital is exactly the type of funding the sector needs to increase development activity whilst the affordable housing sector provides a long-term stable return - a natural and mutually beneficial fit.
With a business plan to develop, hold and manage a blend of affordable housing tenures, the transactions in Croydon, Cornwall, Dunstable and Shrivenham demonstrate the breadth of Legal & General’s capabilities in the sector. Across the four sites, Legal & General will deliver social and affordable rental homes, grant-supported shared ownership homes and Section 106 schemes.
Ben Denton, Managing Director, Legal & General Affordable Homes:
"There is an urgent need to accelerate the delivery of new affordable homes. We have made a great start in executing our development programme, alongside building our customer service platforms. Today marks the real start of our journey as we deliver our first affordable homes, working alongside high quality local providers to tackle the growing crisis."