Legal & General is froward funding an 拢81.5m (鈧�89m) build-to-rent (BTR) tower in Scotland.
The investment, made by LGIM Real Assets, on behalf of its 拢1.9bn BTR fund, will fund a mixed-use regeneration scheme in Candleriggs Square in Glasgow being developed by Drum Property Group.
The scheme will deliver 17-storey tower comprising of 346 BTR homes, 17 parking spaces and 12,800sqft of commercial space, the manager said.
Candleriggs Square is the fund鈥檚 second investment in Glasgow, following last year鈥檚 funding of a 324-home BTR scheme at Buchanan Wharf.
LGIM Real Assets, which entered the BTR sector in 2016, currently owns and operates 15 schemes in 11 UK cities, including over 5,000 homes.
Dan Batterton, head of BTR at LGIM Real Assets, said: 鈥淕lasgow faces a significant undersupply of high-quality rental accommodation and, within the coming decade, will see its population increase as it continues to establish itself as one of the UK鈥檚 best cities to live and work.
鈥淭he site is located in a prime location and, alongside Legal & General鈥檚 Buchanan Wharf scheme, is the city鈥檚 only high-density build to rent product.
鈥淭hrough our BTR Fund we want to create the best possible experience for renters, providing high-speed digital connectivity, dedicated workspace and exercise facilities, all of which are essential in a post-covid world.鈥�
LGIM Real Assets鈥� BTR fund is currently undertaking an international equity raising programme, the manager said.
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