UK: L&G’s suburban BTR division has acquired a development in Great Haddon, Peterborough from developer Countryside.
L&G paid £25 million for the 117-unit scheme, which is part of a wider development near the A1M and A15 which will eventually deliver 5,350 homes, as well as employment leading to 9,000 jobs, four schools, three shopping centres and sports facilities.
“Build to rent as a sector has consistently demonstrated value to investors, delivering robust and defensive income streams, suitable for patient capital investment,” said David Reid, managing director of Legal & General SBTR. “This is clearly about more than strong investment prospects for us; it’s about providing high-quality rental housing for families across the UK, as working practices and lifestyle demands continue to evolve. We are delighted to be developing our first scheme with Countryside to meet these aims and look forward to working with Countryside in future.”
Matt Bench, CIO of Countryside, said: “As a mixed-tenure developer, providing quality homes that meet requirements for a wide range of different individuals is important to us. As well as offering options that help families get on the property ladder, suburban build-to-rent homes such as those available at Great Haddon will combine great places to live in an attractive, family-friendly setting with high standards of management and service.”
