The move follows the acquisition of a further development site from English Cities Fund (ECf), bringing LGC's and PGGM's joint venture (JV) pipeline to nearly 800 new homes.
Overall, total investment will be more than £250 million.
The new Salford site has full planning consent for 135 units over 15-storeys, providing a total of 225 homes to be managed by LGIM Real Assets.
It lies adjacent to the New Bailey build to rent scheme currently being built by Carillion.
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Devised and designed by the ECf, a JV between Muse Developments, Legal & General and the Homes and Communities Agency, New Bailey is a major regeneration scheme delivering a new destination for business and leisure in the city.
James Lidgate, Director of Housing at LGC, said: "Much has been made about generation rent, but for us this is about generation choice. We are proud of our philosophy for Built to Rent and will only invest in and develop purpose built schemes that offer renters a good quality, affordable choice that suits their personal circumstances and lifestyle."
Bill Hughes, Head of LGIM Real Assets, added: "With long term ownership at the heart of our designs, we will ensure that lifecycle costs, maintenance and management of these homes is considered right from the outset of our land acquisition process so that we can pass on a high quality service and good value costs to our residents."
Construction is due to begin this month, with a scheduled completion date of March 2018.
(LM)
