Legal & General’s newly created UK retirement housing business has acquired a 2.5-acre town centre site from British Land.

Guild Living, an operator and developer of urban later living accommodation, said the acquired site in Walton-on-Thames site will deliver around 300 new homes for the local area.

Financial details were undisclosed.

Eugene Marchese, director of design and innovation at Guild Living, said this latest acquisition brings Guild Living’s pipeline of homes to nearly 800 across the UK, within just two months of launch.

“But our ambition doesn’t end there and we aren’t just creating much-needed homes. We are striving to revolutionise the way we age in the UK, developing truly connected and enriched communities for our members.”

Guild Living said the latest acquisition represents the third scheme currently under development for the company, as it aims to deliver over 3,000 new homes in the next five years, worth around £2bn (€2.2bn).

The company will be creating places that promote social interaction and community engagement; blurring the lines between retirement village and the wider community, it said.