Legal and General enter PRS

Legal and General Group PLC has jumped into the UK private rental sector with the purchase of a £25m regeneration site in Walthamstow.

The multi-national's investment arm, Legal & General Capital is planning to build 300 flats to let out. 

Laura Mason, director of investments at Legal & General Capital commented -

“The UK has a chronic shortage of housing. Today’s investment and our future plans for the PRS should help address the structural issues which have contributed to the shortage. We view investments over 30 or more years and are using our long term capital to change the way the UK housing market is financed. This will be the first of many PRS deals for LGC”

This is the first investment of  a £1 billion strategy the company is planning for UK build to lets and will be built and managed by Legal & General Property, on behalf of LGC.

Expect to more large corporations to enter PRS soon.

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