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L&G purchase Manchester tower for BtR portfolio

Legal & General has exchanged contracts on the West Tower in Manchester’s premier development, Deansgate Square, as it continues to scale up its Build to Rent (BTR) portfolio.

Deansgate’s West Tower is 44 storeys and consists of 350 units, 147 car parking spaces and ancillary commercial space. It will be the tallest BTR scheme in the UK.

Dan Batterton, BTR Fund Manager at LGIM Real Assets, said:  “As demand for rental accommodation continues to outweigh supply, Legal & General is increasing the scale of its Build to Rent portfolio, UK wide. We are supporting wider urban regeneration through utilising existing local infrastructure and maximising land density in areas where there is a housing shortage. Manchester is the second most populated area in the UK with a particularly diverse economy. The apartment sizes, amenities, specification and affordability across our multiple schemes will allow us to cater for a wide demographic across this varied community.”   

This latest acquisition has been made through LGIM Real Assets’ open-ended Build To Rent Fund and brings L&G’s development pipeline in Manchester to over 750 units.

Sir Richard Leese, Leader of Manchester City Council, said: "By providing hundreds of homes for market rental this development will make a significant contribution to the council's residential growth strategy for homes across a range of types and tenures to meet demand in our vibrant and fast-growing city. Legal & General are already a significant player in Manchester and we welcome their investment in Deansgate Square."

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