L&G registers four new for-profits, bringing provider count to nine

This has since been boosted by a further £120m from the Greater Manchester Pension Fund (GMPF), as part of L&G’s plans to “crowd in” third-party investment to deliver additional housing.

The new for-profits were unveiled on Monday (19 August) in the RSH’s monthly publication of registrations and de-registrations.

This showed that on 8 August, four providers named ‘Legal & General Affordable Homes’ were registered with the respective suffixes: Development 4, Investment 1, Investment 2 and Investment 3.

A spokesperson for Legal & General told Social Housing that the new entities have been set up “to support L&G’s growth and increasing institutional investment in the sector, enabling more affordable housing to be built across the country”.

At the time of the third-party fund launch in July, Simon Century, managing director of housing at L&G Asset Management, told Social Housing that the strategy essentially represents “part two” of the company’s funding journey in the sector, in moving beyond its own balance sheet.

“[The] scale of requirement of new capital is just so big – we really want to bring in our partners as part of that,” he said.

Last week, fellow sector for-profit Sage Homes sold its founding RP to a major UK pension fund, the Universities Superannuation Scheme, along with 3,000 shared ownership homes.

The £405m deal for the Blackstone and Regis-backed housing company came two months after it registered three new for-profits with the RSH.

The registrations were intended to provide Sage with further flexibility around its access to finance.