Investor giant’s Affordable Housing Fund has now raised £750m in less than two years
Legal & General (L&G) has agreed the purchase of 311 homes in Barratt London’s Colindale Gardens development.
The homes acquired will be developed and managed by L&G’s Affordable Housing Fund and will be for social rent.
The wider Colindale Gardens project on the site of the former Hendon Police College is expected to deliver around 4,000 homes, including around 1,200 for affordable tenures.
The deal was confirmed as L&G announced its Affordable Housing Fund has raised more than £750m since July 2024. It said the latest fundraising includes £50m from Local the Pensions Partnership Investments (LPPI).
A spokesperson said the fund has delivered 1,111 completed homes across 35 developments with a further 1,285 units under construction. L&G’s total portfolio now stands at around 9,000 homes.
Ali Farrell, head of impact strategies (real estate) at L&G, said: “The strong demand for our affordable housing investment offering underscores the confidence investors have in our mission to address the UK’s critical affordable housing shortage while seeking to deliver steady inflation-linked returns. Having successfully raised significant capital, we are actively deploying to deliver high-quality homes in areas that desperately need more supply.”
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