Legal & General’s UK suburban build to rent (SBTR) business has acquired a development project in Great Haddon, Peterborough.
The SBTR arm, which launched at the end of 2020, has bought the Great Haddon scheme for £25m (€29m).
The development – which is being delivered by mixed-tenure developer Countryside – consists of two, three and four-bed houses.
David Reid, managing director, Legal & General SBTR, said: “Build to rent as a sector has consistently demonstrated value to investors, delivering robust and defensive income streams, suitable for patient capital investment.
“This is clearly about more than strong investment prospects for us; it’s about providing high-quality rental housing for families across the UK, as working practices and lifestyle demands continue to evolve.
“We are delighted to be developing our first scheme with Countryside to meet these aims and look forward to working with Countryside in future.”
Matt Bench, CIO at Countryside, said: “As a mixed-tenure developer, providing quality homes that meet requirements for a wide range of different individuals is important to us.
“As well as offering options that help families get on the property ladder, suburban build-to-rent homes such as those available at Great Haddon will combine great places to live in an attractive, family-friendly setting with high standards of management and service.”
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