Legal & General Affordable Homes hires chief operating officer

He joins LGAH with more than 20 years of operational experience within the real estate sector.

Since 2021 he has worked in three businesses across the industrial, housebuilding and student accommodation sectors, which are all owned by Blackstone, the investment firm that backs fellow for-profit Sage Homes.

These were Indurent, St Modwen and iQ Student Accommodation.

In these roles, Mr Cross focused on delivering business growth, leading large-scale integration of operating platforms and portfolios, and managing shareholder relations.

He previously worked in the student living asset management sector, including at GSA, where he was responsible for global portfolio management, and Liberty Living, where he was investment director.

In his new role, Mr Cross will report to Ben Denton, chief executive of LGAH.

Mr Denton said: “I am delighted to welcome Peter to the team as we continue to execute our strategy for delivering much-needed affordable housing at scale.

“His wealth of experience will help take us into the next chapter of our growth as LGAH expands its portfolio and resiliently delivers affordable housing, while placing customers at the heart of how we operate as a business.”

Mr Cross said: “I am pleased to have joined LGAH at an important juncture for the business as it builds on its missions to become the leading private provider of affordable housing in the UK.

“The need for effective players in the market that can help meet the country’s acute housing needs has never been greater, and I look forward to working with Ben and his team to help take the business forward and meet this challenge head-on.”

The appointment follows LGAH hiring Catherine Raynsford as managing director, stock acquisitions in November.

Last month, L&G raised a further £130m for its Affordable Housing Fund, taking the total investment to £510m. The fund’s assets are developed and operated by LGAH.

The fund was launched in July last year, delivering on L&G’s plans to “crowd in” third-party investment in affordable housing. The funds raised to date are expected to deliver approximately 3,500 to 4,000 homes.

LGAH became the first for-profit to receive compliant grades from the Regulator of Social Housing in February 2023, with G1*/V1* ratings.

In January this year, it acquired 487 homes from Birmingham City Council.