Legal & General Affordable Homes (LGAH) has acquired 487 homes in Perry Barr from Birmingham City Council for an undisclosed price.
The new development, which is located to the north west of Birmingham, will offer 187 homes for affordable rent, 159 for shared ownership and 139 for social rent.
The acquisition has been funded by Legal & General Institutional Retirement and forms part of LGAH’s commitment to offering affordable housing options across the UK.
Ben Denton, chief executive at Legal & General Affordable Homes, said: “Our vision is to provide everyone with an affordable, high-quality and environmentally sustainable place to live and grow. Our acquisition of the Perry Barr homes shows our commitment to delivering on this and investing in high quality stock, improving our asset portfolio and achieving improved returns.
“Perry Barr is an exciting opportunity to help create a thriving new neighbourhood that contributes positively towards the local area and supports the council with tackling its housing challenges.”
Sharon Thompson, deputy leader of Birmingham City Council and cabinet member for economy and skills, added: “Our number one priority with the residential scheme at Perry Barr has been to create a positive and impactful legacy for the local community. Coming on board, LGAH has supported us to do that – moving at speed to make the homes ready for new residents and deliver much needed affordable housing.
“LGAH have an excellent pedigree for investing, growing, and maintaining communities in the long term. We could not have asked for a better partner and are pleased that we will be working with them towards the long term regeneration of Perry Barr. This multi-award winning scheme will provide a catalyst for the continued regeneration of the area and ongoing housing growth for the city.”
