Legal & General (L&G) announces that it has hired Essential Living’s Damon Brown and Berkeley’s David Jones, as it continues to invest in housing creation activities across the spectrum.
18 May 2017
Backing a fast growing pipeline of over 70,000 new homes over the next five to ten years, L&G is looking to help provide the UK’s population with high quality, affordable living at all stages in their life cycle, and has continued to invest in the skill sets to drive its housing strategy forward.
Damon Brown joins as a Construction Portfolio Manager, principally responsible for overseeing the construction activities within L&G’s principal urban regeneration projects. L&G is involved in some of the UK’s largest strategically important regeneration schemes that are fast transforming and reshaping Britain’s landscape, bringing jobs and housing back into the centre of cities and better utilising our existing infrastructure. He will also assist with L&G’s wider housing initiatives, including its investments into Build to Rent and Build to Sell. With over 15 years’ construction industry experience, he joins from Essential Living, before which he was a Senior Project Manager at BAM / HBG Construction.
David Jones joins the business from Berkeley Homes as Modular Integration Director, responsible for the interaction between the factory and internal/external clients. Legal & General’s modular housing business seeks to modernise the home building industry by producing modern, precision-engineered manufactured units through its 550,000 sq ft factory in the North of England. Due to employ over 400 local people and representing the largest modular homes construction factory in Europe, when at full capacity it expects to produce up to 3,500 homes per year.
Housing is one of Legal & General Capital’s (LGC) key strategic sectors, due to the financing gaps that still exist, offering the opportunity for significant shareholder value, both through investments made directly by LGC and through businesses held by the wider Group. Both are new roles to the business and will report into James Lidgate, LGC’s Director of Housing.
James Lidgate, Director of Housing at Legal & General Capital, said: “Having built up a strong leadership with relevant housing expertise across our platform, L&G owns a successful portfolio of active housing related investments, notably: CALA, our Build to Rent (BTR) model and L&G Homes, all of which have proved profitable and which are projected to continue to grow successfully. Differentiated from our investors in this space, L&G’s long term, develop to hold approach allows it to invest for the future, developing high quality homes with an enduring appeal.”
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.
*at 31 Jun 2021