Press releases

Legal & General redesigns and acquires new Manchester tower for growing build to rent portfolio

Legal & General today announces that it has exchanged contracts on the West Tower in Manchester’s premier development, Deansgate Square, as it continues to scale up its Build To Rent (BTR) portfolio.

20 Aug 2018

Press release (PDF 149KB)

Legal & General today announces that it has exchanged contracts on the West Tower in Manchester’s premier development, Deansgate Square, as it continues to scale up its Build To Rent (BTR) portfolio. Working closely with renowned architect SimpsonHaugh, designer of some of Manchester’s major landmarks such as Beetham Tower and Two St Peter’s Square, Legal & General has made a range of significant BTR design improvements to the tower, in order to meet the specific requirements of today’s elective renters. The West Tower will be the tallest BTR scheme in the UK.

This latest acquisition brings Legal & General’s development pipeline in Manchester to over 750 units, increasing its exposure to a target city with strong momentum, underpinned by a significant demand for rental accommodation. Whilst Manchester has seen increased investment over recent years, the city’s housing needs remain under-served. According to Experian, the population of Greater Manchester is expected to grow by 14% over the next 20 years with 3,465 rental households forming every year. Despite an estimated 12,000 new homes required each year to meet demand, annual delivery since 2010 has averaged just 650 homes.

Build to rent

A natural evolution and fit for its multi-tenure housing investment strategy, Legal & General entered the Built to Rent (BTR) sector in 2016. Focused on key urban regeneration areas centred around transport hubs, it is targeting schemes of over 150 units, taking advantage of economies of scale to deliver better value and more choice for its residents, whilst building sustainable, vibrant communities. Legal & General’s total investment capability for the sector currently stands at circa £1.3 billion, having raised capital from major pension funds for an open-ended Build to Rent (BTR) fund, as well as an £800 million JV investment by Legal & General Capital and PGGM. It currently has a BTR pipeline of over 3,300 homes across ten schemes in Salford, Manchester, Bristol, Bath, Brighton, Edinburgh, Leeds, Walthamstow, Croydon and Woolwich. Legal & General aims to have 6,000 homes in planning, development or operation by the end of 2019.

Dan Batterton, BTR Fund Manager at LGIM Real Assets: "As demand for rental accommodation continues to outweigh supply, Legal & General is increasing the scale of its Build to Rent portfolio, UK wide. The acquisition of Deansgate and our award-winning Slate Yard development are excellent examples of Legal & General investing in long term sustainable schemes. We are supporting wider urban regeneration through utilising existing local infrastructure and maximising land density in areas where there is a housing shortage."
Sir Richard Leese, Leader of Manchester City Council: "By providing hundreds of homes for market rental this development will make a significant contribution to the council's residential growth strategy for homes across a range of types and tenures to meet demand in our vibrant and fast-growing city. Legal & General are already a significant player in Manchester and we welcome their investment in Deansgate Square."
Tom Sinclair with CBRE’s Investment Properties team in Manchester: "We are delighted to have secured the West Tower for Legal & General, which forms part of the Deansgate Square development. This really is ground breaking for elective renters in Manchester, bringing a sophisticated and stylish residential offer into the heart of the City."

Further information


Lauren Kemp

Group Head of Corporate Media & Issues

Group Communications

T: 07946 514 627

Email Lauren Kemp

Notes to editors

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 £1.29 trillion1 ($1.57tn) in
assets, 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 billion2 ($43.8bn) 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.

1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.

*at 13 Jan 2023


For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.