On behalf of Legal & General’s UK Property Fund (the “Fund”), LGIM Real Assets announces it has exchanged contracts on a Grade Build to Rent site in Chelmsford City Centre, as it continues to strengthen and diversify its underlying portfolio.
The Build to Rent site – Chelmer Waterside – is ten minutes’ walk from the city centre. It forms part of a major mixed-use development in Chelmsford, with 421 residential apartments, associated landscaping and local retail amenities.
The Build to Rent element of Chelmer Waterside is being developed by Taylor Wimpey in conjunction with Legal & General – and it’ll include 189 studios, one, two- and three-bedroom apartments. Legal & General has committed £24.5m to the acquisition and development of the site which is bounded by the River Chelmer and Springfield lock.
“Using our UK property market forecasts, the fund continues to invest in strong performing assets where we see prospects to drive value.
“The Build to Rent transaction forms part of our strategic focus to increase our exposure to alternative and operational assets, while demonstrating the breadth of our wider fund management platform.
“As we continue to actively diversify our holdings, Build to Rent and Grade A office space remain preferred subsectors alongside operational hotels, self-storage and student accommodation, giving us real time access to occupational markets with a robust rental growth story. The Fund continues to look to invest in assets in good locations and with strong property fundamentals.”Matt Jarvis, Senior Fund Manager, UK Property Fund, LGIM Real Assets