L&G signs £40m deal for Coventry housing scheme
Legal & General (L&G) has agreed to a £40m deal with Vistry for 147 build-to-rent homes in Coventry.
The scheme is part of Vistry’s Keresley site, where the developer is delivering 550 family homes across two sites.
L&G’s Suburban Build-to-Rent platform (LGSBTR) has acquired 147 homes on the site which will be used for private rent.
As part of the first phase of development, around £8m of planning contributions will also be invested in local services for the community, including education, healthcare, highways, biodiversity offsetting measures, and parks.
A diverse mix of homes are set to be delivered, which will benefit from air-source heat pumps, solar panelling, and electric vehicle (EV) charging points.
The site is part of a wider ‘Sustainable Urban Extension’ opposite an area of ancient woodland, with expected access to nature and open space alongside community facilities such as schools, convenience retail, and primary healthcare.
L&G’s SBTR platform was launched to develop large-scale ‘single-family’ rental communities in suburban locations across the UK.
It’s owned by the asset management division of L&G, an investor, developer, and operator of residential property with one of the largest and most diverse platforms in the UK. This includes an established BTR platform offering purpose-built multi-family homes, with a £2bn+ portfolio that to date includes more than 5,000 operational apartments and another 5,000 in the pipeline.
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.”
