£100m L&G deal enables Henry to start Croydon tower

Residential developer Hub and specialist investor Bridges Fund Management have agreed a £100m deal with Legal & General to develop a 251-unit build-to-rent tower in south London.The 35-storey building designed by architect AHMM is is the tallest of the four blocks that comprise the Taberner House development in Croydon, which also includes 21-, 19- and 13-storey buildings.The funding deal comes as construction work starts on the scheme, with Henry Construction appointed main contractor.The forward funding deal will see Legal & General take ownership of the 35-storey building on completion, which is expected in 2021.The tower will provide 513 homes, with a mix of affordable, for sale and rental units, as well as new public realm, a children’s play space and a new café. At least 40% of the units will be designated as affordable.Legal & General’s BTR platform now has a pipeline of almost 2,000 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 alongside a £600m joint venture between Legal & General Capital and PGGM.Hub and Bridges are jointly developing several lower-cost housing developments across London, which could together amount to more than 1,500 homes with a combined value of more than £500m.