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Legal & General Invests Billions in East London Housing and Infrastructure
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Legal & General has backed investments of over £1 billion in east London housing and infrastructure in 2016 alone. The firm has already invested over £8 billion in UK infrastructure, housing and urban regeneration, and SME finance, and is on track to invest £15 billion.
Legal & General invests in infrastructure to secure long-term income for pensioners and returns for shareholders. Infrastructure investment boosts UK economic growth, which benefits businesses and wider society.
Legal & General Invests Billions in East London Housing and Infrastructure
In east London, Legal & General’s investments include:
- Transport for London’s new £246m headquarters in Stratford
- Build to rent flats in Walthamstow, in partnership with PGGM, creating over 400 homes
- Forward funding of 445 rooms for Queen Mary University of London students in Stratford for £63m
- DP World’s London Gateway port, with the Pension Protection Fund, for £400m
- Amazon’s new fulfilment centre at Tilbury
The firm is committed to modernising Britain’s cities by investing in real assets, creating new jobs and, through collaborative partnerships, delivering local economic growth.
The Managing Director of Legal & General Retirement, Kerrigan Procter, says: “East London is a great place to invest. We have invested over £1 billion of long-term capital in new assets, and are looking at many more opportunities here and across the UK. Our direct investments are economically and socially useful, with every £1 invested in physical infrastructure generating around £3 of local economic activity.
“In a world where over $10 trillion of government bonds earn negative returns, our direct investments create local economic growth, income for pensioners and returns for shareholders. The UK needs new infrastructure if it’s going to grow and prosper in the 21st century, and we are helping to fund and deliver it.”
The Transport for London building, at the International Quarter in Stratford, is part of the wider regeneration of the area, which is expected to create over 40,000 jobs and 11,000 new homes in the coming years.
The Walthamstow build to rent development is scheduled for completion in 2018, and is part of Legal & General’s partnership with PGGM, the Dutch pension fund manager, to invest £600m in build to rent homes and create a new institutional asset class.
The 26-storey student accommodation development is pre-let to Queen Mary University of London and is being built on the site of a former petrol station on Stratford High Street.
The DP World’s London Gateway port is the UK’s first new port in over two decades, and is situated on the Thames estuary at Stanford-le-Hope, Essex. Since the start of construction, London Gateway has already created thousands of jobs in London and the South East, and is helping London to regain its status as one of the world’s largest ports.
Amazon’s new fulfilment centre at Tilbury will create 1,500 jobs and be completed in 2017.
Landlords, take this great opportunity to invest in an up-and-coming area. East London is soon to be a hub of new homes, more jobs and improved infrastructure – all features that attract private renters to an area. Snap up an east London investment now!
If you need more encouragement, here’s why you should buy in east London: /why-landlords-should-buy-in-east-london/
