Legal & General Capital (LGC) and Dutch pension fund manager, PGGM, have completed the acquisition of a Build to Rent development site in Bristol, as part of their newly formed joint venture, which will initially invest £600m into building purpose-built private rental housing across the UK, providing over 3000 homes.

The development site in Bristol acquired for £4.8m from Square Bay is known as ND7.

It has planning consent to deliver 168, one, two and three bed homes above approx 11, 500 sq ft of flexible commercial space, providing the opportunity to create the first bespoke Build to Rent development in Bristol.

James Lidgate, Director of Housing at LGC, said: "This latest acquisition supports our ambitions to increase our direct investment exposure to housing and create Build to Rent as an institutional asset class.

"This scheme is an excellent example of the partnership's asset acquisition strategy, by investing in long term sustainable urban schemes centred around key transport hubs that support wider urban regeneration by maximising land density and better utilising the local existing infrastructure."

The site will be built and managed by LGIM Real Assets, on behalf of LGC, with completion anticipated in autumn 2018.