Legal & General has agreed to the funding of a £57 mln (€64 mln) development site at Tower Works in Leeds City Centre.
This investment was made on behalf of L&G’s Build to Rent Fund (BTR Fund) and Access Development Partnership (a joint venture between Legal & General Capital and PGGM). It follows the £100 mln investment to develop Hockley Mills, a 400 apartment scheme in Birmingham.
Legal & General also owns the Mustard Wharf BTR site in Leeds’ city centre, which it bought in 2017. Together the two Leeds areas will deliver 500 homes, offering one, two and three bedroom apartments, alongside over 16,000 sq ft of commercial space.
L&G has committed over £2 bn to the BTR sector over the past few yeras, with nearly 2,000 operational apartments and a pipeline to deliver a further 7,000 apartments by 2025.
Richardson and Ask Real Estate will act as developers at the Tower Works site in Leeds – delivering the 245 apartment scheme. Works will start on site in the coming months.
‘We continue to invest throughout the UK and demonstrate the need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities,’ said Dan Batterton, senior fund manager, BTR, LGIM Real Assets.
‘As we prepare for economic recovery, greater investment in the UK’s regional cities - particularly to deliver vital new housing - is needed. The Build to Rent sector has an important role to play here,’ added Adam Burney, partner in the Residential Capital Markets team at Knight Frank which advised on the deal.
