Legal & General plots £1bn private rented expansion
Legal & General is considering a major swoop into the private rental market with plans to build homes for the sector through a new £1bn development arm, Construction News can reveal.
The development arm is understood to be the preferred route into delivering PRS at scale for the investor, which is currently involved in a pipeline of 29,000 new homes across a range of tenures.
Two more options have been considered by L&G, including buying PRS units from housebuilders active in the sector and working with third-party investors such as pension and sovereign wealth funds, which are looking to invest capital into the private rental market but are lacking in expertise …