Legal & General Investment Management’s (LGIM) real assets arm has acquired a build-to-rent site in the southeast of England.

LGIM Real Assets said it has bought the new Chelmer Waterside BTR site in Chelmsford City Centre, on behalf of its £3bn UK Property Fund.

No financial details were disclosed.

The BTR site is being developed by Taylor Wimpey in conjunction with Legal & General. The site comprises 104 studio, one, two and three bedroom apartments in two adjoining freehold blocks. Chelmer Waterside forms part of a major mixed-use development in Chelmsford.

Legal & General said this is the first BTR acquisition for the fund as it continues to diversify its holdings into more operational assets, whilst adding to its alternative exposure.

The fund’s other recent alternative investments includes hotel, healthcare and student accommodation.

The latest BTR acquisition is Legal & General’s eleventh BTR assets across its wider platform.

Matthew Jarvis, a senior fund manager for the UK Property Fund, at LGIM Real Assets, said: “This acquisition is in line with our strategy for the UK Property Fund to increase our exposure to alternative operational assets, whilst demonstrating the breadth of our wider fund management platform which has enabled us to collaborate with our well established BTR team.

“As we continue to actively diversify our holdings into more alternative sectors, build-to-rent will remain a preferred subsector alongside operational hotels, self-storage and student accommodation, giving us real time access to occupational markets with a robust rental growth story.”