L&G and Miller Homes join forces to deliver SFH BTR

The partnership with Legal & General’s Suburban Build to Rent business (LGSBTR) and Miller Homes aims to address the demand for quality rental housing.

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Financial services provider Legal & General and construction company Miller Homes have announced a partnership to deliver 260 suburban Build to Rent homes in Northamptonshire.

The new homes being delivered through the partnership are part of a masterplan which will provide not only much-needed rental housing, but also new community facilities, schools and employment space, in well-connected locations.

The single-family Build to Rent homes largely comprise of two- and three-bedroom houses. Homes will utilise sustainable air-source heat pumps and solar panelling. The first handover of the new units is expected to take place in March 202, with final handovers in Q3 2027.

“We’re delighted to begin a new strategic partnership with Miller Homes, simultaneously creating assets for our annuity division and other pension schemes and addressing the significant demand for quality rental housing across the UK. Now more than ever, we must deliver diverse residential offerings, to better accommodate the broad range of different households that exist in the market. This includes the provision of reliable, long-term rental options. At LGSBTR we are determined to meet that need with high-quality, well-managed, and thoughtfully designed properties to help people live healthy and happy lives.”

David Reid, Managing Director, Legal & General SBTR

LGSBTR is owned by the alternative asset platform of Legal & General Group, Legal & General Capital (LGC). The housing platform continues to benefit from a highly diversified portfolio and a robust long-term plan that will meet Legal & General’s liabilities over the long run, generating long-term index-related cash flow.

“This marks the start of an exciting long-term partnership. We are pleased to have agreed a deal with L&G to deliver 260 single-family Build to Rent homes in Northamptonshire alongside our ongoing work to provide high quality homes in key regional markets across the UK. Moving forward, the inclusion of Build to Rent homes as part of our business model will allow us to continue to diversify our portfolio, whilst creating new opportunities for land acquisition and supporting our overall growth ambitions.”

Benjamin Massey, Divisional Managing Director, Miller Homes

LGSBTR has stated its commitment to delivering housing that will address structural shortages across every dimension of the market. As a result, LGC has delivered over 16,000 homes in the last three years.

“Savills Operational Capital Markets is delighted to have advised Miller Homes on this disposal to Legal & General. Recent research from Savills shows that up to one million additional homes will be required to accommodate ever growing demand for rental product, particularly from young families, across England and Wales. This transaction will deliver a combined 260 much-needed rental homes to their respective local markets, going some way in assisting with this demand.”

William Pearce, Associate, Savills