Partnership set to deliver 1,500 affordable homes
0Legal & General’s affordable housing arm has signed an agreement with house builder Lovell Partnerships to deliver 3,000 multi-tenure properties across the country over five years.
The aim is for 50% of the of the properties to be affordable housing. Legal & General will focus on delivering new affordable homes, including shared ownership, social rent and affordable rent, while Lovell will operate across all tenures.
The first scheme for the partnership will be a 234-home project located on a brownfield site in Oldbury in the West Midlands that has lain empty for 20 years.
Mary Parsons, regeneration and partnerships director for Lovell Partnerships, said: “There is strength in partnership and collaboration – this approach is essential to meet the ambitious growth and sustainability goals of Lovell and Legal & General, as well as to support local authorities in the face of high demand for quality homes.”
Anette Simpson, director of development and partnerships at Legal & General Affordable Homes, added: “Since launching three years ago, Legal & General Affordable Homes has deployed institutional capital at scale delivering affordable homes across the country. Our development pipeline is now over 7,000 homes.
“We hope to do more and more deals like this in future, as changes in Solvency II rules allow us to deploy further capital into this space.”
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