Insurance giant’s subsidiary buys 147 homes to be built outside Coventry
Legal & General’s suburban build-to-rent (BTR) arm has agreed a forward purchase agreement worth £40m with Vistry Group.
The deal will bring forward 147 BTR homes, which form part of a new Vistry development in Keresley, a northern suburb of Coventry in the West Midlands.
The wider scheme will deliver 550 family homes across two sites.
Insurance giant L&G launched its suburban BTR business in November 2020 with an ambition to deliver 1,000 homes a year by 2024.
The recent annual results of the three corporate entities that comprise the business revealed it had recorded revenue for the first time, totalling £38m.
The deal is the latest in a series of forward sale agreements announced by Vistry.
The group last month signed a deal with housing association giant Metropolitan Thames Valley Housing to forward sell 122 homes.
Prior to that it had agreed a deal with investment firms Blackstone Real Estate and Regis for the forward sale of 1,750 of homes in an agreement with a gross development value of £580m. Last November Vistry sold 3,000 homes to Leaf Living and Sage.
Vistry has been ramping up its housebuilding output to deliver 20,000 homes per year “in short measure”. In the longer term, Vistry is setting itself up to deliver 25,000 homes per year under its new partnerships housing strategy.
In Vistry’s results for the year ending 31 December 2023, its revenue was £3.56bn, up by 28.6% since the previous year when its revenue was £2.77bn.
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