Legal & General (L&G) is to acquire 200 affordable homes being delivered by UK housebuilder The Hill Group as part of a new parthership between the two firms.
L&G and Hill Group have partnered to deliver affordable homes as part of the initial phase of Coventry鈥檚 City Centre South regeneration scheme.
Phase one of the wider 拢450m (鈧�529.2m) regeneration will deliver 991 new homes, 8,000sqm of commercial space and 17,000sqm of new public open space.
Construction on this first phase is set to begin later this year, with the first affordable homes expected to be completed by late 2027 after which L&G will acquire 145 homes for social rent and 55 for shared ownership.
Ben Denton, CEO at L&G鈥檚 affordable homes division, said: 鈥淲e are dedicated to addressing the UK鈥檚 pressing housing crisis. We鈥檙e uniquely positioned to deploy significant institutional capital to deliver safe, secure, and affordable homes where they鈥檙e most needed, all while ensuring an excellent customer experience.
鈥淥ur involvement in City Centre South perfectly illustrates this commitment, and we鈥檙e proud to partner with The Hill Group and Coventry City Council on this vital regeneration project.鈥�
Andy Hill, CEO at The Hill Group, said: 鈥淲e are delighted to be working with L&G for the first time on the delivery of affordable homes. Their commitment to high-quality, long-term investment in communities aligns closely with our own values.
鈥淔rom the beginning, we set out to make City Centre South a new benchmark for inclusive regeneration, and this partnership ensures that the very first homes delivered will be genuinely affordable and visibly central to the life at the new development.鈥�
Councillor Jim O鈥橞oyle, cabinet member jobs, regeneration and climate change, said: 鈥淭his agreement is a significant and important step in bringing forward the type of housing that local people need. I鈥檓 particularly pleased to see affordable and social homes being placed right at the heart of the development with some being delivered as part of the very first phase.
鈥淚t shows a real commitment to creating a welcoming inclusive community in the city centre.鈥�
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