Legal & General’s Suburban Build-to-Rent (SBTR) platform has acquired 147 new BTR homes in Coventry from Vistry Group in a deal worth circa £40m.
The homes form part of a larger development by Vistry in the Keresley suburb of northern Coventry, where the company is looking to deliver 550 family homes across two sites.
The diverse mix of new homes will benefit from air-source heat pumps, solar panelling and electric vehicle charging points.
David Reid, managing director of Legal & General SBTR, said: “To meet the UK’s ongoing housing demands, we need quality homes of all tenures for every kind of household. As a dedicated single-family housing investor, Legal & General SBTR aims to meet the UK’s diverse housing needs by working with leading development partners like Vistry to scale up delivery of new, high-quality family homes across the UK.
“Bringing new homes to Coventry – our first entry into the West Midlands – is part of our ongoing work to tackle the UK’s need for reliable long-term rental options whilst also building out assets for our long-term partners.”
Adam Sharpe, managing director, South West Midlands, at Vistry Group, added: “We are excited to have secured final planning consents and agreed this deal with Legal & General. There is a significant need for new, high-quality housing across multiple tenures in this area and this is a major step forward in meeting that demand. We know that people from all walks of life will relish the opportunity to live in modern family homes and to be part of a vibrant and well-connected new community here.”
