L&G has today announced the acquisition of the first Build To Rent (BTR) site in its partnership with Nest and PGGM. This follows the recent launch of the partnership to build thousands of high-quality rental homes, seeking to deliver stable financial returns for institutional investors. This investment expedites the capital deployment of the portfolio expected to grow up to £1 billion in the coming years.
The development, known as F1, will deliver highly sought-after, sustainable rental accommodation in the New Jackson neighbourhood of Deansgate, Manchester. In recent years, Greater Manchester has experienced rapid population growth and increased employment opportunities, requiring accelerated delivery of housing to keep pace with demand. The Greater Manchester Combined Authority stresses that the supply of high-quality housing is a critical factor in sustaining the high levels of economic growth and productivity in the city.
L&G owns the adjacent North and West Towers in Deansgate Square which will create opportunities for wider placemaking and activation of the local area. Through strategic developments to date, both Renaker and L&G have played pivotal roles in Manchester’s urban regeneration, addressing housing demand and contributing to the city’s economic growth.
Source: group.legalandgeneral.com on the 6 March 2025
https://group.legalandgeneral.com/en/newsroom/press-releases/strategic-partnership-kickstarts-investment-to-develop-thousands-of-new-rental-homes