Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a697618
L&G plans push into residential property
by Daniel Grote on Aug 15, 2013 at 09:09
Legal & General (L&G) has outlined plans to become a major landlord for UK residential housing.
Speaking to the BBC, L&G chief executive Nigel Wilson (pictured) said the provider planned to invest £15 billion in housing, education, energy and transport over the next 10 years.
He said the insurer was looking to enter the build-to-rent sector, arguing young people were suffering from ‘intergenerational injustice’ as they struggled to afford housing.
‘It depends on the planning environment here in the UK, but certainly it’s our economic intention to have a much bigger role in the private rented accommodation market,’ he said. ‘How big we can be, we don’t know.’
L&G made its first direct investment into the housing sector in March, when it bought a 46.5% stake in housebuilder Cala, representing a move into the build-to-sell market.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
What others are saying
On the road
on Dec 06, 2013 at 14:28