Legal & General Investment Management (LGIM) Real Assets has raised a further 拢170m (鈧�199.7m) for its UK private-rented sector (PRS) strategy.
The new capital takes its total investment capability for build-to-rent to 拢1bn.
Dutch pension fund manager PGGM joined Legal & General Capital in a partnership to invest 拢600m in the construction of 3,000 homes in the UK.
The new capital includes a 鈥渟ignificant commitment鈥� from an Aon Hewitt client.
James Lidgate, director of housing at Legal & General Capital, added: 鈥淭here is a shortage in all types of housing tenure in the UK, and Legal & General Capital will deploy long-term investment capital with external partners, or with LGIM Real Assets, to deliver modern, energy-efficient homes.鈥�
The strategy has 1,000 UK homes under construction or in planning in Bristol, Salford and Walthamstow, with a pipeline of projects in Birmingham, Leeds and London.
The venture鈥檚 Salford site was bought from developer English Cities Fund .
Read more on the progress of PRS in the UK in the
