Legal & General announces the launch of Legal & General Affordable Homes, a new wholly-owned affordable housing provider that the company is building through a leading development and management platform. With nearly 1,000 homes under management and a target of delivering 3,000 homes per year from 2024, Legal & General seeks to overcome the critical affordable housing deficit by investing patient capital in the sector. You will be primarily responsible for all aspects of the valuation and execution of transactions, including initial valuation of investments, financial analysis, coordination and review of due diligence, preparation of recommendations, review of transaction documentation and ongoing evaluation of portfolio financing. The UK continues to have a chronic shortage of over 100,000 households a year. The situation is particularly pronounced in the affordable housing sector, with more than 1.3 million households1 on UK waiting lists, with an average of just 30,000 properties added per year over the past 10 years. Legal & General Affordable Homes aims to be fully operational over the next four years, providing 3,000 homes per year. Legal & General Affordable Homes works with 14 established associations and housing providers who take over the day-to-day management of the properties. This national body brings the local expertise and established infrastructure needed to support the development and management of high-quality affordable housing and help achieve Legal & General`s vision for all clients to have a high-quality, eco-friendly and affordable home. Nigel Wilson, CEO of Legal & General, said: “Despite the UK being a great place to invest, thirty years of underinvestment has led to low productivity, low real wage growth and many market failures. Affordable housing is a classic example of underinvestment, where little new equity is invested in the sector. This is not a sustainable position – neither for the sector, nor for the 1.3 million households currently on a waiting list.

This important sector has now been included in Legal & General`s £15 billion UK direct investment programme. » Legal & General invests more than £2 billion in affordable housing in pension funds over the next five years Legal & General signs £150 million social loan to create 5,500 new affordable homes. Legal & General Affordable Homes is building a combination of shared ownership and social and affordable rental housing across the UK. It is the pioneer of institutional investment in the affordable housing sector in the UK while providing excellent service and quality housing. Its purpose is to invest the capital of the company for the benefit of the company. By investing in the real economy and supporting the Group`s focus on climate and inclusive capitalism, LGC`s investments create jobs, transform lives and contribute to a zero-carbon future. For clients looking to buy, we have created condominium homes across the UK, offering clients the security and stability of owning their own home at a more affordable price. Legal & General is a natural evolution and is part of its multi-land residential investment strategy and has been involved in supply-side residential construction activities for nearly 20 years. Simon Century, Head of Affordable Housing, said: “Many housing associations are increasingly indebted as they have been financing significant amounts of development through debt financing for many years. They are unable to raise equity and maintain a sustainable financial structure, forcing many of them to significantly reduce their growth ambitions. Legal & General Capital is building a more natural and sustainable model – one in which institutional investors are the long-term owners of assets and work with the best affordable housing operators who provide the highest quality housing management.

Legal & General Affordable Homes focuses on supporting the UK`s demographic and affordable housing needs and is part of Legal & General`s growth strategy for housing, leading the development of the affordable housing sector with the aim of becoming the UK`s leading private provider of affordable housing. Working with developers, housing associations and public institutions across the country, L&G Affordable Homes finances the construction of affordable housing and brings institutional capital to the social housing sector, with the primary target markets being affordable rents, shared ownership and rents. With long-term financial backing from Legal & General and leveraging the expertise of leading existing affordable housing providers, the new company will seek to accelerate and expand the supply of affordable housing across the UK, targeting all areas of the affordable housing market, including new Section 106 construction and subsidised affordable rents. social rents and shared ownership units. Legal & General Affordable Homes is focused on supporting the UK`s demographic and affordable housing needs and, in line with Legal & General`s growth strategy for housing, will lead the development of the affordable housing sector with the aim of becoming the UK`s leading private provider of affordable housing. It forms a subsidiary of Legal & General Capital, which invests capital in sectors where there is a lack of investment and innovation, focusing on growth opportunities and expansions. Legal & General has invested more than £29 billion in aligning the regional economy, including through major renovation programmes in the UK, and recently committed to operate all its new homes with net-zero CO2 emissions from 2030. LGIM manages fixed income, equities, multiple assets, defined liabilities, real estate solutions and alternatives on behalf of its clients.