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Legal & General signs largest affordable housing deal to date, creating hundreds of new homes in East London
Legal & General Affordable Homes announces the acquisition of its largest single scheme to date, Deanston Wharf, which will provide 207 new affordable homes within Ballymore’s Royal Wharf regeneration scheme in East London
22 Jun 2021
As a result, Legal & General Affordable Homes’ development pipeline now stands at over 6,000 homes across the UK, with 1,000 homes currently in operation, worth a total Gross Asset Value of over £1bn.
According to research, 7.6 million people in England had at least one major housing problem relating to overcrowding, affordability or poor-quality housing going into COVID-19. With scarcity of affordable housing in the capital being particularly stark and development starts falling 66% during the pandemic, Legal & General is continuing to tackle the major health and wellbeing implications of poor housing in the areas which need it most. It now has over 1,000 affordable homes in operation or development within Greater London.
The Deanston Wharf development comprises 104 homes for affordable and social rent and 103 for shared ownership, spread over 4 buildings, with completion set for Q2 2023. Legal & General’s new scheme will sit adjacent to Ballymore and Oxley’s 40-acre Royal Wharf regeneration site on the banks of the Thames, benefitting from an established and thriving new neighbourhood with a high street, local pub, community centre and a two-form entry Primary School.
Ben Denton, Chief Executive, Legal & General Affordable Homes: "We have made great progress since we started trading in 2019, and the signing of this great quality affordable housing at Deanston Wharf with Ballymore is another milestone. The pandemic has affected every corner of our lives and has emphasised the need to provide safe, secure, affordable housing for families right across the country. We continue to prove the model of deploying institutional capital at scale to meet affordable housing need alongside delivering sector-leading customer service satisfaction through our network of management providers. Working alongside our management providers, developers and suppliers we remain committed to leading the evolution of the affordable housing sectorfor the benefit of our customers, our stakeholders and society."
John Mulryan, Group Managing Director at Ballymore: "The need for affordable housing has never been more pressing and so we’re proud to be partnering with L&G Affordable Homes on Deanston Wharf. This deal is testament not only to the quality of housing we are delivering at Deanston Wharf, but also the strength of the wider community at Royal Wharf, and we look forward to continuing the regeneration of this exciting area of London."
Further information
Lauren Kemp
Group Head of Corporate Media & Issues
Group Communications
T: 07946 514 627
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
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.