The company has purchased a new Build To Rent (BTR) site in the city centre as part of a £60 million development, which will also see a 8,640 sq ft commercial/amenity space built.
The Mustard Wharf site was acquired from from U+I in partnership with CTP. The scheme is expected to begin construction in early 2018, with completion scheduled for early 2020.
This latest investment brings L&G’s total pipeline of BTR units to over 1,400, with an expected gross development value across the portfolio of £420m.
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Dan Batterton, BTR Fund Manager at LGIM Real Assets, said: "In our view Mustard Wharf is the ideal location for a BTR scheme in Leeds. It is close to major transport links and local amenities, and complements the wider regeneration of the local area, supporting job growth and the local economy over the long term. We are excited that we are going to create a new standard of rental accommodation and service in a thriving community."
James Lidgate, Director of Housing at Legal & General Capital, said: "This latest acquisition supports our vision of investing in long term sustainable urban schemes that support wider urban regeneration to transform and reshape Britain's landscape, bringing jobs and housing back into the centre of cities and better utilising our existing infrastructure. When complete, Mustard Wharf will provide well-connected, high-quality housing which is essential for supporting the UK's economic position and driving future growth."
(LM)
