Legal & General commits £53m for build-to-rent development in Birmingham

WCN Editorial Team 17 Oct 2017 EUROPE BUILDINGS

Legal & General (L&G), a UK-based financial services company, has agreed to provide £53m in funding to build-to-rent (BTR) project in Birmingham, UK.

The project, dubbed Newhall Square, is located centrally between the Central Business District and the retail/leisure hub of the Jewellery Quarter. It will be developed by Spitfire Bespoke Homes.

The BTR development will feature 220 residential units and 7,500 sq ft of ground floor commercial space, as well as a public square and parking spaces for 61 cars.

L&G has committed to invest approximately £1bn into the BTR sector, after raising pension fund capital for an open-ended BTR fund as well as a £600m joint venture between Legal & General Capital and PGGM.

LGIM Real Assets BTR fund manager Dan Batterton said: “This development, in a highly sort after area of Birmingham, links the industrial heritage of the Jewellery Quarter with the modern business district.

“The location is ideally suited to high-quality, affordable and professionally-managed rental accommodation that can help to address the supply demand imbalance in the city.

“Spitfire was the natural partner to deliver this project as they are known for their design-led approach and have a track record of delivering outstanding quality homes across the UK.

“Given the huge infrastructure investment in Birmingham, it has been a target location for us in building a high-quality and well diversified portfolio of BTR schemes. We expect to continue adding schemes and new locations over the coming months.”

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