Joint venture’s first 200-property site will have 35% affordable housing
Global investor Legal & General (L&G) and Japanese housebuilder Nomura Real Estate Development is planning to deliver more than 1,000 build-to-rent (BTR) homes in London over five years through a joint venture (JV).
The pair will target brownfield and “underutilised” land in the capital, aiming to build an initial 1,000 properties across a range of sites.
The JV has acquired its first Central London plot in Herne Hill in the borough of Lambeth, where it will develop more than 200 homes, with 35% designated for affordable housing.
Landscaped communal gardens, co-working spaces and a gym will also form part of the new neighbourhood.
>>See also: L&G submits plans for 520-home scheme in Bristol
Dan Batterton, head of residential at L&G said: “This partnership is a great example of how we can bring international capital into the UK to drive up delivery of much-needed homes, across all tenures.
“Institutional investment has an important role to play, and we expect investor demand in UK housing to continue to grow as the government continues to look to meet its housing targets.”
Since launching its strategy in 2016, L&G has invested over £3bn of capital into the BTR sector, delivering more than 10,000 rental homes.
Headquartered in Tokyo, Nomura Real Estate Development employs around 170 people and completed the renovation and expansion of the office building at 127 Charing Cross Road in London’s West End last month.
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