Legal & General is investing £47.5m (€54.7m) in a UK build-to-rent residential development.
The scheme, in Bath, has been acquired by LGIM Real Assets for its build-to-rent fund and joint venture partners Legal & General Capital and PGGM.
L&G said 171 units will make up the Roseberry Place city centre development, the firm’s fourth scheme having invested in Bristol, Salford and Walthamstow.
Dan Batterton, fund manager at LGIM Real Assets, said: “This acquisition is a prime example of the type of compelling opportunities there are in the market at the moment, as we continue to build our pipeline.
“We are targeting well-located sites where there is the opportunity to influence all aspects of design and construction from the start to create a best-in-class product that will provide a positive lifestyle choice for elective renters.”
L&G said it has 70,000 residential units in its UK pipeline, of which 1,200 are build-to-rent.
Dutch pension fund manager PGGM last year joined Legal & General Capital in a partnership to invest £600m in the construction of 3,000 homes in the UK.