23 Oct 2017
Legal & General further expands BTR platform with new hire
Legal & General announces that it has appointed James Robson as Residential Development Manager, growing its dedicated Build to Rent (BTR) team to eight
Legal & General announces that it has appointed James Robson as Residential Development Manager, growing its dedicated Build to Rent (BTR) team to eight strong in order to support its ambitions to have 6,000 units in planning, development or operation by the end of 2019.
Legal & General’s current pipeline of BTR units is over 1,700 following its latest acquisition in Birmingham, which represents the sixth UK city to which it will bring its new rental offer.
James has a wealth of experience in the BTR and Residential sectors. He joins from CNM Estates where he was a Director responsible for land buying, planning application management, financing and development. Reporting to Dan Batterton, Legal & General’s BTR Fund Manager, James will be responsible for sourcing and managing attractive land and development funding opportunities across the UK’s major cities that are suited to its long-term BTR investment model.
Dan Batterton, BTR Fund Manager at LGIM Real Assets, said: “We have assembled a strong and professionally diverse team, to which James is an excellent addition. Our teams varied backgrounds and expertise has enabled us to be at the forefront of this evolving sector, ensuring that we are well positioned to lead the way in delivering the best BTR products for our residents.”
Legal & General’s current BTR pipeline is over 1,700 homes with the aim to have 6,000 in planning, development or operation by the end of 2019. Legal & General has raised pension fund capital for an open-ended BTR fund as well as a £600m joint venture between Legal & General Capital and PGGM, meaning it already has significant investment firepower. Through the creation of a BTR asset class, it is looking to use its sources of long term capital to help address the chronic long term lack of supply of housing and meet the increasing demand for affordable, quality rental accommodation. Its existing sites in Leeds, Bristol, Bath, Walthamstow and most recently Birmingham are progressing well and its scheme in Salford has been home to residents since June.
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Notes to editors
LGIM Real Assets
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £951.1bn in assets on behalf of over 3,200 clients (as at 30 June 2017), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £24.9bn (as at 30 June 2017), actively investing and managing assets across commercial property, private residential, infrastructure and property lending and, most recently, corporate credit.
Legal & General Group
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with a number of growing businesses in the US and in other countries. At 30th June 2017, we had over £951 billion in total assets under management. Over fifteen million people worldwide rely on us to help them save for the future and to protect their families and their homes.
We work with companies and pension trustees to help people build security in retirement, being the UK’s largest investment manager for UK corporate pension schemes, a major provider of auto-enrolled pensions and a market leader in pensions de-risking. We have also made a commitment to invest around £15 billion in direct investments, with £12 billion already invested in areas such as homes, urban regeneration, clean energy and small business finance, driving economic growth and making a positive difference to the UK’s built environment.