Legal & General (L&G) is to acquire 200 affordable homes being delivered by UK housebuilder The Hill Group as part of a new parthership between the two firms.

L&G and Hill Group have partnered to deliver affordable homes as part of the initial phase of Coventry’s City Centre South regeneration scheme.

Phase one of the wider £450m (€529.2m) regeneration will deliver 991 new homes, 8,000sqm of commercial space and 17,000sqm of new public open space.

Construction on this first phase is set to begin later this year, with the first affordable homes expected to be completed by late 2027 after which L&G will acquire 145 homes for social rent and 55 for shared ownership.

Ben Denton, CEO at L&G’s affordable homes division, said: “We are dedicated to addressing the UK’s pressing housing crisis. We’re uniquely positioned to deploy significant institutional capital to deliver safe, secure, and affordable homes where they’re most needed, all while ensuring an excellent customer experience.

“Our involvement in City Centre South perfectly illustrates this commitment, and we’re proud to partner with The Hill Group and Coventry City Council on this vital regeneration project.”

Andy Hill, CEO at The Hill Group, said: “We are delighted to be working with L&G for the first time on the delivery of affordable homes. Their commitment to high-quality, long-term investment in communities aligns closely with our own values.

“From the beginning, we set out to make City Centre South a new benchmark for inclusive regeneration, and this partnership ensures that the very first homes delivered will be genuinely affordable and visibly central to the life at the new development.”

Councillor Jim O’Boyle, cabinet member jobs, regeneration and climate change, said: “This agreement is a significant and important step in bringing forward the type of housing that local people need. I’m particularly pleased to see affordable and social homes being placed right at the heart of the development with some being delivered as part of the very first phase.

“It shows a real commitment to creating a welcoming inclusive community in the city centre.”

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