Legal & General has added an asset in the northwest of England to its build-to-rent (BTR) development pipeline.
Legal & General said it has exchanged contracts on the West Tower in Manchester’s premier development, Deansgate Square. The acquisition has been made through LGIM Real Assets’ open-ended build to rent fund, the UK insurer said.
The West Tower will be the tallest BTR scheme in the UK. This latest acquisition brings Legal & General’s development pipeline in Manchester to over 750 units.
Deansgate’s West Tower comprises 44 storeys. It consists of 350 units, 147 car parking spaces and ancillary commercial space.
Deansgate Square will be Legal & General’s second BTR scheme in Greater Manchester. The company first invested in the Slate Yard development in Salford.
Dan Batterton, BTR fund manager at LGIM Real Assets, said: “As demand for rental accommodation continues to outweigh supply, Legal & General is increasing the scale of its build to rent portfolio, UK wide.
“The acquisition of Deansgate and our award-winning Slate Yard development are excellent examples of Legal & General investing in long-term sustainable schemes.”