UK residential developer Watkin Jones has exchanged contracts to sell a 322-apartment BtR scheme in Lewisham, South East London.
European asset manager Legal and General Investment Management (LGIM) is forward funding the scheme on behalf of its Legal & General Retirement (LGR) business for around £130 mln (€154 mln).
This is LGIM Real Assets' second transaction with Watkin Jones this year, following the forward funding of the 216 Build to Rent (BTR) home development at Hove Gardens in August 2021, for over £200 mln.
Split across two blocks either side of the Ravensbourne river, the development includes a 35-story tower and is topped by a sky-deck with views over the capital and towards the Surrey Hills.
Watkin Jones has already begun construction, with completion expected in phases between 2023 and 2024. A further affordable housing block is being sold as part of a separate transaction.
Alex Pease, Chief Investment Officer of Watkin Jones, said: 'We are already seeing the London rental market rebound after the pandemic and creating new homes to meet demand is vitally important. Attracting people back to sustainable city living should remain a priority and this scheme is a superb example of how to do that.'
Legal & General was represented by Avison Young.
