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L&G boosts housing assets by £200m
Institutional investor Legal & General (L&G) has boosted its assets under management in the housing sector by £200m, it announced in its full-year results to 31 December 2017.
L&G’s investment arm, Legal & General Capital (LGC), now has £588m worth of housing assets under management, up from £392m at the end of 2016.
Overall, LGC’s profits remained steady at £124m, slightly up from £121m in 2016. Its direct investments portfolio increased by 28% from £1.14bn to £1.45bn.
The group’s modular housing arm has also entered pre-production phase in its factory after long delays.
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Kerrigan Procter, chief executive of Legal & General Capital, said: “Looking at the societal challenges we face – specifically around the provision of affordable, quality housing that meets the needs of all demographics – it is time for business to embrace inclusive capitalism.
“As it stands, we are going to be judged very poorly by future generations given we know the issues, we have the means to address these and we have chosen to do nothing.”
August 2017 also saw L&G enter the retirement sector with the purchase of Inspired Villages, aiming to build 3,000 new homes for over-65s in the next five years. Last month, it bought its seventh site for retired housing in Leeds Village in Kent.
