A build-to-rent, private-rented sector (PRS) scheme by a PGGM and Legal & General joint venture has been given planning approval.
Waltham Forest Council approved the development in Walthamstow.
The Dutch pension fund manager and Legal & General Capital are looking to invest £600m (€790m) in the UK’s PRS, as reported in January.
Dan Batterton, fund manager for L&G’s build-to-rent arm LGIM Real Assets, said the decision put the strategy on track to deliver hundreds of new homes in East London, “offering high-quality yet attainable accommodation on a flexible basis to suit the lifestyles of modern renters”.
Legal & General Investment Management Real Assets is developing the 440-unit scheme for the joint venture.
A final decision on the scheme will be passed to the Greater London Authority.
The development includes cafes, a food store, communal working spaces, open landscaped areas and leisure space for residents.