Legal & General invests a further €64m in Leeds

Legal & General continues to expand its build-to-rent (BTR) investments. On behalf of its Build to Rent Fund and Access Development Partnership (a joint venture between Legal & General Capital and PGGM), Legal & General has agreed to the funding of a £57 million (€64 million/$78 million) development site at Tower Works in the city center of Leeds, England.

This investment follows the £100 million (€112 million/$137 million) investment to develop Hockley Mills, a 400-unit apartment scheme in Birmingham, England.

Leeds is one of the United Kingdom’s largest cities in terms of population and economic output, yet supply of housing in the city center has been severely constrained during the past decade. Current housing stock is unable to meet the growing demand for rental accommodation. Recognizing the prospect for rental growth in Leeds, Legal & General has acquired two build-to-rent sites in the city center: Mustard Wharf in 2017 and now Tower Work