Nest, L&G and PGGM form $1.33b U.K. build-to-rent partnership

Nest, the U.K. pension scheme managing £43 billion ($57billion) of assets on behalf of a third of the U.K. workforce, has formed a new partnership with Legal & General and PGGM, collectively investing up to £1 billion ($1.33 billion) into build-to-rent schemes across the United Kingdom.

Initially backed by £350 million ($466 million) of combined investment, this new partnership will build on L&G and PGGM’s existing joint venture.

Elizabeth Fernando, Nest’s CIO, said, “We’ve been carefully considering the U.K. market and where best to invest so that we can help boost our members’ pensions and support economic growth.

“We can see there’s