The Slate Yard, Legal & General's first build-to-rent (BTR) scheme in Salford, Greater Manchester, has launched its first phase of apartments.
The 225-unit scheme welcomes its first residents this week, who will be able to access a 24-hour onsite team, free WiFi and a car club. Tenancy options range from six months to five years.
'At the Slate Yard we have been able to offer significantly reduced living costs because of economies of scale,' said Dan Batterton, BTR fund manager at LGIM real assets. 'The improved service proposition and flexible leases have already attracted a wide range of residents.'
'The Slate Yard is a very good example of our BTR partnership strategy with L&G - investing in strong urban regeneration locations where we can build sustainable schemes that will have a positive impact on the built environment over the long term,' commented Mathieu Elshout from investment partner PGGM. 'As a responsible investor of Dutch pension capital, this is an excellent fit.'
L&G’s total investment capability for the BTR sector currently stands at circa £1 bn (€1.14 bn), having raised capital from major pension funds for an open-ended BTR fund, as well as a £600 mln JV investment by Legal & General Capital and PGGM.
As well as Salford, it has a pipeline of projects in Bristol, Bath, Leeds and Walthamstow.
