Published: 17th Apr 2019

Legal & General has joined forces with Croydon Council to provide 167 homes for families on the local authority’s housing waiting list. Under the deal, Legal & General will invest £44.6m into a mixture of houses and apartments in Croydon and neighbouring boroughs, which will then be leased back to Croydon on a 40-year term, after which time they will belong to the local authority. The homes will be managed by Croydon’s housing team and offered to those on the council’s housing waiting list. They will also provide stability for local families and residents, many of whom have been living in emergency accommodation, and according to Legal & General it will also help save the council around £20m. The investment is being made on behalf of Legal & General Retirement Institutional, which provides an excellent match for its long-term annuity and pension commitments. Legal & General were advised by Savills. … (To read the full article, subscribe below)