LGIM To Double North West BTR Exposure
Legal & General's property development arm is to step up its investment in North West build-to-rent, aiming to double its holdings in the region by adding another 1,000 units.
The move comes as LGIM Real Assets confirmed that it has around 1,000 units already under construction or completed in the region.
LGIM's schemes in Greater Manchester include the 135-unit Slate Yard Phase 1, developed by English Cities Fund, and the 44-storey Deansgate West tower developed by Renaker. Legal & General has a further 3,000 BTR units in development across eight UK sites.
Key issues facing the sector in the region include correctly identifying the demographics of demand, and the importance of on-site staff, LGIM Real Assets Fund Manager Dan Batterton told North West Business Insider.
LGIM told Bisnow it accepted that BTR is a service industry, not a construction industry. Batterton described BTR as a long-term commitment that can create sustainable communities for many kinds of people.
