RE: General sector news10 Dec 2016 10:18
Just an indication in passing of the way in which the customer base is expanding, into the private sector, with all large landlords having a need to manage their businesses through technology.
"Legal & General has raised a further £170m from institutions for its build-to-rent fund, taking its total investment in this field to around £1bn.
"The insurance giant has raised the cash for its Legal & General Investment Management (LGIM) Real Assets arm, and says the new open-ended fund would attract long-term pension and institutional investors to the rental market.
It will sit alongside £600m of investment this year by Legal & General Capital – another division of the company – and Dutch pension fund PGGM.
LGIM Real Assets’ total investment in build-to-rent programmes now stands at some £1bn with more than 1,000 homes under construction or in the planning process in Bristol, Salford and Walthamstow, and with a pipeline of projects in Birmingham, Leeds and London.
The company said it would build homes for the long-term that delivered a rental income to pension funds, meet housing need and create an economic stimulus in areas undergoing regeneration.
Mike Barrie, director of fund management at LGIM Real Assets, said: “We have a housing crisis in the UK, and only with institutional funding can we deliver the new homes the country needs.
“We are creating new jobs in the UK, and stimulating economic growth, and in 2017 we’ll also have our first new tenants moving into much-needed new homes.”