L&G appoints residential transactions manager to support expanding build to rent pipeline
Legal & General Property (LGP) announces the appointment of Mike Powell as Residential Transactions Manager, as it looks to accelerate its activities in the Build to Rent sector.
Mike joins the Company from Barratt Homes where he was a Land Manager responsible for acquiring development sites within London and the surrounding counties. He previously worked as a Land Buyer for Persimmon Homes. Supporting LGP’s Head of Residential, James Lidgate, Mike will be focused on sourcing attractive land development opportunities across the UK’s major cities that are suited to its new Build to Rent investment model.
Acting as investment manager to Legal & General Capital, LGP is looking to provide a new institutional class of specifically designed rental accommodation, which, based off fair value market rents, aims to deliver higher quality, customised space, together with a more professional and flexible standard of tenant service. Choosing to target well-located sites that benefit from good transport links and related infrastructure, L&G favours schemes where associated planning risk has been minimised but where there is still the opportunity to influence all aspects of design and construction from the start.
Holding these properties over the long term, L&G will be ultimately responsible for the development, management and service of all its Build to Rent portfolio, aiming to thereby create a new market standard for elective renters. With an appetite to invest up to £1bn, to date L&G has acquired two key Build to Rent regeneration sites, comprising of a 300-400 home scheme in Walthamstow and a 90 unit block in Salford.
For further information, please contact:
Head of Communications, Real Assets, LGIM
020 3124 2777
Legal & General Property:
Legal & General Property (LGP) forms part of the Real Assets division of Legal & General Investment Management (LGIM), which is responsible for the company’s direct investment capabilities in property and infrastructure. One of Europe’s largest institutional asset managers and a major global investor, LGIM manages £525bn in assets on behalf of over 3,100 clients (31 March 2015), providing products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 19 funds or vehicles with an aggregate asset value of £16.5bn (31 March 2015). These include:
- Balanced Funds: Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- Specialist Pooled Funds: The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
- Single Asset Vehicles: Bracknell Regeneration Partnership; Central Saint Giles Partnership.
LGP’s UK-focused asset management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.