Legal & General’s Suburban Build-to-Rent business (LGSBTR) and Cala Homes have agreed an exchange of 107 homes at Buckler’s Park, Crowthorne, in the South East of England. This is the first forward funding transaction between LGSBTR and major homebuilder Cala, which are both owned by Legal & General Capital.
11 Jan 2023
The 107 homes are expected to be completed in 2025 and will comprise two- and three-bedroom houses constructed to the new Part L standards with electric vehicle charging (EVC) points and air source heat pumps. The wider Buckler’s Park 1,000-home masterplan, led by Cala’s Thames business, will include a community and sports hall, nursery, café, flexible meeting spaces, and a new primary school.
David Reid, Managing Director of Legal & General SBTR: “Demand for new homes remains high across the country, so it is vital to keep investing in and developing multi-tenure offerings to suit the diverse needs of housing customers. At Legal & General SBTR, we aim to deliver the high-quality housing stock with reliable customer service needed to meet this demand, and we are thrilled to be collaborating with Cala Homes on the Buckler’s Park site in Crowthorne. We look forward to continuing our relationship with Cala to deliver much-needed homes for rent across the UK and to build upon the synergies between the L&G housing businesses.”
John Richards, Land & Planning Director of Cala Homes Thames: "We’re delighted to work with our colleagues at Legal & General SBTR to broaden the tenure mix and accelerate delivery of much-needed homes in Crowthorne. Buckler’s Park is an excellent example of brownfield regeneration – we’re meeting local needs by building a range of high-quality dwellings, from one-bedroom apartments up to five-bedroom homes, and now LGSBTR is delivering homes for rent too.
Projects like Buckler’s Park demonstrate the opportunity for collaboration between Cala and Legal & General’s other housebuilding businesses to deliver high-quality homes across a wider range of tenures, on the same site for local community benefit."
Legal & General’s SBTR platform creates much needed, high quality family homes in areas connected to schools, transport infrastructure and key amenities, offering a best-in-class product, exceptional service as an institutional landlord, and a long-term, reliable service proposition for customers. L&G SBTR homes are designed to reflect new ways of living post-COVID, such as incorporating home offices and offering access to more extensive outdoor space. In line with Legal & General’s wider commitment to sustainability, the SBTR platform will target to be operationally carbon net zero from 2030.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
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