The pair, who are engaged in a Build to Rent partnership, have so far committed £250m of capital.
Legal & General Capital has purchased a second site in Salford with Dutch pension fund manager PGGM – where it will build 225 new homes.
The pair, who are engaged in a Build to Rent partnership, have so far committed £250m of capital for a pipeline of 800 homes.
James Lidgate, director of housing at Legal & General Capital, said: “Much has been made about generation rent, but for us this is about generation choice.
“We are proud of our philosophy for Built to Rent and will only invest in and develop purpose built schemes that offer renters a good quality, affordable choice that suits their personal circumstances and lifestyle.”
The new Salford site has full planning consent for 135 units over 15 storeys, providing a total of 225 new homes which will be managed by LGIM Real Assets.
Bill Hughes, head of LGIM Real Assets, said: “With long-term ownership at the heart of our designs, we will ensure that lifecycle costs, maintenance and management of these homes is considered right from the outset of our land acquisition process so that we can pass on a high quality service and good value costs to our residents.
“Successful international comparisons, such as the Netherlands, Germany and US, demonstrate to us that the UK has a long way to go and we believe that through professionalising the private rental sector we are able to encourage better standards across the board.”
The Build to Rent Partnership will initially invest £600m into building purpose built private rental housing across the UK, providing over new 3,000 homes. This latest purchase is the partnership’s second acquisition in Salford, with further schemes in Bristol and Walthamstow in London.
