L&G buys build-to-rent site in Leeds

Legal & General (L&G) has bought a Build To Rent (BTR) site in the centre of Leeds, the fifth UK city in which is developing its rental offer. The Mustard Wharf development brings L&G’s total pipeline of BTR units to more than 1,400, with an expected gross development value across the portfolio of £420m.The site, located in Granary Wharf, has permission for 250 homes, as well as 8,640ft² of commercial and amenity space. L&G said it expected to be able to begin construction on the £60m scheme in early 2018, with practical completion aimed for early 2020.L&G’s total investment capability for the Build to Rent (BTR) sector currently stands at around £1bn, having raised capital from major pension funds for an open-ended Build to Rent (BTR) fund, plus a £600m jv investment by Legal & General Capital and PGGM. Its first scheme, in Salford, is due to see residents move in at the start of June.