L&G and Vistry strike £40m build-to-rent deal

Legal & General’s SBTR platform was launched to develop large-scale ‘single family’ rental communities in suburban locations across the UK, in a way the firm describes as “community-focused and service-led”.

David Reid, managing director of Legal & General SBTR, said: “To meet the UK’s ongoing housing demands, we need quality homes of all tenures for every kind of household.

“As a dedicated single-family housing investor, Legal & General SBTR aims to meet the UK’s diverse housing needs by working with leading development partners like Vistry to scale up delivery of new, high-quality family homes across the UK.

“Bringing new homes to Coventry – our first entry into the West Midlands – is part of our ongoing work to tackle the UK’s need for reliable long-term rental options, whilst also building out assets for our long-term partners.”

The platform is working towards having all new homes delivered from 2030 operate at net-zero carbon emissions, in line with Legal & General’s commitment to sustainability.

As part of the first phase of development, £8m of planning contributions will also be invested in local services for the community, including education, healthcare, highways, biodiversity offsetting measures and parks.

Adam Sharpe, managing director for the south west Midlands at Countryside Partnerships, a Vistry brand, said: “There is a significant need for new, high-quality housing across multiple tenures in this area and this is a major step forward in meeting that demand.

“We know that people from all walks of life will relish the opportunity to live in modern family homes and to be part of a vibrant and well-connected new community here.”

The site is opposite an area of ancient woodland, with will provide access to nature and open space alongside community facilities such as schools, convenience retail and primary healthcare.

In the middle of last month, L&G launched a new affordable housing fund with a £125m investment from local government pension schemes.

The L&G Affordable Housing Fund will hold more than 750 homes at launch, the investment manager said. Most of these homes will be let at affordable rent, with the remainder being for social rent or shared ownership.

Its initial £125m investment comes from Access Pool, a group of 11 local authority pension schemes with assets totalling £40bn.