Grainger plc Share News (GRI)

(Sharecast News) - Transport for London has chosen Grainger to be its build-to-rent investment partner as it aims to develop a long-term income stream from its land.TfL, one of London's largest landowners, will own 49% of the joint venture and Grainger, the FTSE 250 residential landlord, will own the majority share as the partnership aims to build more than 3,000 homes across eight sites next to stations.Building homes for rent is part of TfL's new strategy to generate ongoing revenue to reinvest back into the transport network, rather than selling off land as it has done in the past.Planning applications are being worked on for the first eight sites, which range from land next to Nine Elms tube station in Lambeth, which has the potential for up to 400 homes, Hounslow West tube station with the potential for up to 350 homes, Cockfosters tube station with the potential for up to 300 homes and Arnos Grove tube with the potential for up to 100 homes.The largest site is the Limmo Peninsula in Canning Town, Newham with the potential for up to 1,500 homes, with other sites being Southall Sidings in Ealing, offering potential for up to 400 homes; Armourers Court, Woolwich with the potential for up to 400 homes; and Montford Place, Kennington with the potential for up to 100 homes.The JV partners will work with the local borough to identify the housing needs of the area for each site, but with at least 40% of the 3,000 homes due to be affordable on all new planning consents, with some sites that will be mostly or entirely affordable.The build-to-rent JV is part of TfL's full pipeline initial 10,000 homes across 320 acres, with a target to start construction on the sites by 2021.Dan Lovatt, head of TfL's build to rent programme, said: "This long-term partnership provides us with an unrivalled opportunity to deliver affordable, high quality homes at pace while also generating significant ongoing revenue to reinvest back into the transport network."James Murray, deputy mayor of London, said: "This is an important and significant new opportunity to unlock well-connected TfL sites for new rented homes for thousands of Londoners. By offering genuinely affordable homes, alongside the right to longer tenancies for all, we want these new developments to help set the standard for 'Build to Rent' housing in London."