L&G’s affordable provider hires new chief operating officer
L&G’s affordable housing provider has hired a new chief operating officer (COO) to help lead the growth of the business and expand housing delivery.
Legal & General Affordable Homes (LGAH), which develops and operates the company’s affordable homes, has appointed operations executive Peter Cross to the newly created COO role.
Mr Cross joins LGAH with over 20 years of experience in the property sector. Since 2021, he has worked delivering growth and managing shareholder relations for three businesses owned by investment firm Blackstone: Indurent REIT, St Modwen and IQ Student Accommodation.
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Prior to this, he worked at Global Student Accommodation, where he was responsible for global portfolio management, and at Liberty Living, where he was investment director.
The appointment follows the launch of the L&G Affordable Housing Fund last July, which aims to increase much-needed housing supply across England.
Following initial backing of £125m from a group of local authority pension schemes, last month the provider announced new investments which bring the total raised to £510m. The funding is expected to deliver around 3,500 to 4,000 homes.
Ben Denton, chief executive of LGAH, said: “I am delighted to welcome Peter to the team as we continue to execute our strategy for delivering much-needed affordable housing at scale.
“His wealth of experience will help take us into the next chapter of our growth as LGAH expands its portfolio and resiliently delivers affordable housing, while placing customers at the heart of how we operate as a business.”
Commenting on his appointment, Mr Cross said: “I am pleased to have joined LGAH at an important juncture for the business as it builds on its missions to become the leading private provider of affordable housing in the UK.
“The need for effective players in the market that can help meet the country’s acute housing needs has never been greater, and I look forward to working with Ben and his team to help take the business forward and meet this challenge head on.”
Established in 2018, LGAH has invested £1bn and built a portfolio of over 8,000 homes in operation or development.
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