UK: Legal & General’s suburban build-to-rent arm has agreed a £40 million forward purchase agreement for 147 homes with Vistry Group.
The homes will form part of a Vistry development in Keresley, a northern suburb of Coventry in the West Midlands. The wider scheme will deliver 550 family homes across two sites.
David Reid, managing director of Legal & General SBT said: “To meet the UK’s ongoing housing demands, we need quality homes of all tenures for every kind of household. 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 whilst also building out assets for our long-term partners.”
Adam Sharpe, managing director of South West Midlands at Vistry Group, said: “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. We know that people from all walks of life will relish the opportunity to live in modern family homes and to be part of a vibrant and well-connected new community here.”
The deal is the latest in a series of forward sale agreements announced by Vistry. In June it agreed a deal with Blackstone Real Estate and Regis for the forward sale of 1,750 homes in an agreement with a gross development value of £580 million. In February it entered a framework agreement with Sigma Capital group to deliver 5,000 new homes for Sigma’s SFR brand Simple Life Homes.
