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L&G acquires 650-home site in Woolwich for Build to Rent

The institutional investor Legal and General (L&G) has acquired a 650-home build-to-rent site in Woolwich alongside a Dutch asset management company.

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L&G acquires 650-home site in Woolwich for Build to Rent #ukhousing

The site, near Woolwich Arsenal Overground station in Greenwich, is called Macbean and marks L&G’s third and largest build-to-rent scheme in London, alongside developments in Walthamstow and Croydon.

Subject to planning approval, the scheme is projected to deliver over 650 new homes, along with 21,000 square feet of commercial space and a new public square. The development will include both “private and affordable rental homes”, split between London Living Rent and Discount Market Rent.

The acquisition was funded by co-investors L&G Capital and Dutch asset management company PGGM, as well as pension fund capital raised through a buy-to-rent fund set up by L&G’s company, LGIM Real Assets.

Dan Batterton, buy-to-rent fund manager at LGIM Real Assets, said: “Macbean is another great example of Legal & General investing in a location with significant urban regeneration potential and providing large-scale sustainable rental schemes which will have a positive long-term socioeconomic impact.

He added that the site would provide “significantly reduced living costs thanks to economies of scale.”

Mathieu Elshout, senior director of private real estate at PGGM, said it was the company’s ambition to partner with prominent UK real estate players, and to invest in “sustainable developments with a positive impact on the build environment over the long term.”

James Lidgate, L&G Capital’s director of housing, described the venture as a step forward in the company’s ambitions to “tackle the severe housing shortage that the UK is facing, helping to address the significant supply and demand imbalance – both in the Borough of Greenwich and across London as a whole.”

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