Feb 16, 2022
L&G to plough £2.5bn of pension cash into homes for rent
Legal & General plans to invest a further £2.5bn of pension savings in "Build-to-rent" developments over the next five years, aiming to create more than 7,000 homes in UK towns and cities. The latest pledge comes from its retirement business and involves reinvesting funds from corporate pension schemes that the insurer has previously taken responsibility for. "Our average resident is 30-years-old, but the average age of the is obviously significantly higher than that," Dan Batterton, head of build to rent at L&G's fund management arm, told the Financial Times. The government last year challenged pension funds in particular to invest hundreds of billions of pounds to drive the UK's economic recovery. With house prices surging past previous records in the past year, there are also millions of would-be buyers priced out of the market with little option but to rent.
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