L&G acquires SFH BTR homes from Stonebond

Legal & General’s (L&G) acquisition of single-family housing (SFH) Build to Rent homes from Stonebond will deliver a rental boost for Cambridgeshire.

The new development in Wintringham. Legal and General has acquired SFH BTR homes at the wider masterplan development | BTR News
The new development in Wintringham. Legal and General has acquired SFH BTR homes at the wider masterplan development. Image credit: Stonebond.

Legal & General’s Suburban Build to Rent business (LGSBTR) has acquired 41 new single-family Build to Rent homes in Wintringham, St Neots, from Stonebond. The homes will help to meet the significant local need for quality, rented housing in the area.

The acquired homes consist of 10 flats and 31 houses and will feature air-source heat pumps and electric vehicle charging points. First handover of units is expected to take place in June 2024.

“We are a committed investor in homes that support healthier living standards and address the significant demand for quality rental housing across the UK, so I’m delighted to announce this new exchange with Stonebond.

“This partnership will deliver much-needed family homes in a thoughtfully designed and well-connected community, whilst also building out assets for our long-term partners.

“Delivering diverse residential offerings across the country is essential to meet the UK’s housing needs, and reliable, long-term rental options must be a part of this.”

David Reid, Managing Director, Legal & General SBTR

Connected to schools, employment, transport infrastructure and key amenities, the development forms part of the wider Wintringham masterplan, which is being delivered by Urban&Civic and will provide 2,800 new homes in total.

Urban&Civic has already delivered an award winning new primary school and natural and well-equipped play areas throughout the development. The company will also deliver further retail and amenity spaces which includes a café, community centre and Health Centre.

Residents will benefit from being 47 minutes away from London by train, and 30 minutes from Cambridge by car. With the development designed with wellbeing at its core, Wintringham also provides leisure routes for residents to get close to nature, as well as creating acres of new habitats for people and nature to enjoy.

“As a partnerships developer, our main objective is to deliver thriving, mixed-tenure communities by working with housing providers and PRS investors, and we’re very pleased to be working with L&G here in Wintringham.

“There is a significant housing need for quality, rented housing in the local area, and this deal will help to meet that need. At the same time, we’re also providing 38 affordable homes with our partner Orbit Group, as well as open market homes, providing housing opportunities to a broad range of people.”

Andrew Cornelius, Group CEO, Stonebond

This acquisition follows L&G’s deal with Chartway to deliver SFH Build to Rent homes in East Sussex – which was announced this week.