L&G reveals new head of housing as it targets doubling its assets to £10bn
Legal & General has created a new role to oversee its housing business of more than £5bn in assets and 17,000 homes.
Legal & General has created a new role to oversee its housing business of more than £5bn in assets and 17,000 homes #UKhousingDan Batterton has been promoted to head of housing, to drive growth. L&G has a target of £10bn in assets in its UK housing portfolio by 2028.
Mr Batterton will begin leading the global investor’s asset management business immediately, which includes build-to-rent, single-family housing, affordable housing, purpose-built student accommodation and later living.
He has over 20 years of experience in the property sector. L&G credited him with shaping the firm’s long-term acquisition, development, sustainability and operational plans for the residential sector.
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Mr Batterton launched L&G’s build-to-rent platform in 2016, which has grown to over £4bn and more than 10,000 flats across the UK.
His previous team also shaped the recent purpose-built student accommodation operational strategy. L&G said it aimed to grow this portfolio to over £1bn and manage around 5,000 beds across the UK.
Mr Batterton said: “I am delighted to be leading L&G’s UK housing business under one integrated platform, bringing together the different tenures we provide to help scale this critical component of our private markets strategy.
“L&G has a long track record of delivery with this sector, and I look forward to leveraging the partnerships and trust we hold within the market to bring fresh client solutions and housing delivery across the UK.”
Michael Barrie, head of real estate for UK and Europe at L&G, said: “Dan has been instrumental in the development of L&G’s housing platform, with a track record of scaling investment strategies in nascent segments of the market.
“The UK faces a severe housing crisis, and we are seeing growing demand from clients seeking exposure to the sector, offering attractive returns alongside positive social impact.
“L&G is committed to expanding our housing footprint to help deliver much-needed homes across the country, and I look forward to working with Dan to execute our growth plans and take this vital component of our strategy from strength to strength.”
L&G recently secured more than £500m for its Affordable Housing Fund, alongside new co-investment opportunities from UK and overseas partners to increase the UK’s rental supply.
The firm said that growing its housing offer was a strategic commercial priority, with this appointment bringing the leadership of this part of the business under an integrated platform to facilitate its continued growth.
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