Multinational financial services company Legal and General Group PLC has made its first investment in the UK private rental sector – in Walthamstow.
Today, the huge investment company confirmed the acquisition of a ‘regeneration site’ for £25million as it begins a bid to spend around £1bn.
According to reports the site, which is unnamed, will be used for the building of 300 flats for the private rented sector.
It is the group’s principal investment division, Legal & General Capital, which has bought the site.
However, the development will be built and managed by Legal & General Property, on behalf of LGC, it is claimed.
Bill Hughes, managing director of Legal & General Property, told CoStar the group intends to provide ‘good value, high quality accommodation’.
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