Legal & General
Affordable Homes (Legal & General) announces that it has secured its first
four affordable schemes, comprising 278 new homes in Croydon, Cornwall,
Dunstable and Shrivenham.
With an ambition to
deliver 3,000 affordable homes annually within the next four years, Legal &
General has also secured a further pipeline of over 40 sites across the UK,
providing 1,500 affordable homes in the next 24 months.
Social housing plays
a vital role in meeting the housing needs of ordinary people, giving millions
the quality, dignity, safety and security that they need. Stable housing
builds stable communities. Institutional investors, such as pension funds, hold
long-term patient capital and seek long-dated stable returns. Long-term capital
is exactly the type of funding the sector needs to increase development
activity whilst the affordable housing sector provides a long-term stable
return - a natural and mutually beneficial fit.
With a business plan
to develop, hold and manage a blend of affordable housing tenures, the
transactions in Croydon, Cornwall, Dunstable and Shrivenham demonstrate the
breadth of Legal & General’s capabilities in the sector. Across the four
sites, Legal & General will deliver social and affordable rental homes,
grant-supported shared ownership homes and Section 106 schemes.
"There
is an urgent need to accelerate the delivery of new affordable homes,"
said Ben Denton, Managing Director, Legal
& General Affordable Homes.
"We have made a great start in executing our
development programme, alongside building our customer service platforms.
Today marks the real start of our journey as we deliver our first affordable
homes, working alongside high quality local providers to tackle the growing
crisis."
