08 July 2015

L&G secures second Private Rental Sector deal.

Legal & General Capital (LGC) announces that it continues to execute its strategy to invest in and professionalise UK Private Rented Sector (PRS) and, as part of this, has secured its second investment in the Build to Rent market.

The development, devised and designed by English Cities Fund (ECf) - a joint venture between Muse Developments, Legal & General and the Homes and Communities Agency - will be the first custom-built PRS scheme to be delivered in Greater Manchester. ECf has secured funding from LGC for the ,~16m scheme, which forms part of the New Bailey development and will create a total of 90 homes located on the border of Salford and Manchester, adjacent to Spinningfields. The properties will comprise a mixture of one, two and three bedroom apartments, expected to be completed in 18 months.