L&G build-to-rent fund tops £1bn

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Legal & General now has £1bn of investment capability in build-to-rent after its investment arm secured another £170m of equity investment.

Legal & General Investment Management Real Assets will add the money to its open-ended build-to-rent fund.

The fund has secured more than 1000 homes under construction or in planning within Bristol, Salford and Walthamstow.

It has a pipeline of future projects, including Birmingham, Leeds and London.

LGIM Real Assets director of fund management Mike Barrie says: “We have a housing crisis in the UK, and only with institutional funding can we deliver the new homes the country needs.

“We have already secured £1bn in funding, delivering 1000 new homes either in planning or under construction, from a standing start in 2016.”

Legal & General director of housing James Lidgate says: “There is a shortage in all types of housing tenure in the UK, and Legal & General Capital will deploy long-term investment capital with external partners, or with LGIM Real Assets to deliver modern, energy efficient, homes.”