UK financial services provider and asset manager Legal & General (L&G) has partnered with developer Vistry to create 147 new rental homes in Coventry.
This £40 mln (€46.7 mln) investment will be part of Vistry's larger Keresley development, which includes 550 family homes across two sites.
L&G's Suburban Build-to-Rent platform will manage the 147 properties, offering private rental options. During the first phase, the project will also contribute approximately £8 mln (€9 mln) to local amenities such as schools, healthcare facilities, and public spaces.
The development is committed to sustainability, featuring energy-efficient homes equipped with air-source heat pumps, solar panels, and electric vehicle charging stations. It is situated within a larger eco-friendly project adjacent to a forest.
David Reid, managing director of Legal & General SBT, said: ‘As a dedicated single-family housing investor, Legal & General SBTR aims to meet the UK’s diverse housing needs by working with leading development partners like Vistry to scale up delivery of new, high-quality family homes across the UK. Bringing new homes to Coventry – our first entry into the West Midlands – is part of our ongoing work to tackle the UK’s need for reliable long-term rental options while also building out assets for our long-term partners.’
Adam Sharpe, managing director of South West Midlands at Vistry Group, added: ‘We are excited to have secured final planning consents and agreed this deal with Legal & General. There is a significant need for new, high-quality housing across multiple tenures in this area and this is a major step forward in meeting that demand.’
L&G’s SBTR platform is dedicated to building large-scale rental communities of single-family homes in suburban areas across the UK. The company also has a substantial portfolio of purpose-built apartments, with over 5,000 units currently available and another 5,000 under construction.
