A UK institutional investor has joined with a
construction giant and a property management company to build 2,000 private
rented homes a year for local authorities. Legal & General Investment
Management, Laing O’Rourke and Touchstone, the lettings management company
owned by housing association Places for People have come together to set up a
‘one-stop shop’ for local authorities with land to develop. The companies have
signed a memorandum of understanding and will offer councils at least £200m a
year of investment into, and the development and management of, build-to-let
homes. Under the model, which is described as a ‘strategic alliance’ rather
than a formal joint venture, councils lease land to L&G which will then
fund Laing O’Rourke to carry out the construction of the homes. Read more on
Inside Housing.
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