L&G targets further Build to Rent acquisitions with Fizzy Living hire
LGIM Real Assets (L&G) announces that it has appointed Adam Russell (photo, right) from Fizzy Living as Residential Transactions Manager, growing its dedicated Build to Rent (BTR) team to five strong to support its expanding UK platform and pipeline of opportunities.
Adam has a wealth of experience in the Build to Rent market, joining from private rental landlord Fizzy Living where he was Head of Acquisitions. He previously worked at Savills where he was an Associate Director – Funding and Development, Residential Capital Markets.
Reporting to Dan Batterton, Fund Manager BTR, Adam will be working closely with Mike Powell, who joined the team as Residential Transactions Manager last year from housebuilder Barratt Homes. Together they will be responsible for sourcing attractive land and development funding opportunities across the UK’s major cities that are suited to L&G’s long-term Build to Rent investment model.
L&G is looking to provide a new institutional class of specifically designed rental accommodation, which, based off fair value market rents, aims to deliver higher quality, customised space, together with a more professional and flexible standard of tenant service. Choosing to target well-located sites that benefit from good transport links and related infrastructure, L&G favours schemes where associated planning risk has been minimised but where there is still the opportunity to influence all aspects of design and construction from the start.
Holding these properties over the long term, L&G will be ultimately responsible for the development, management and service of all its Build to Rent portfolio, aiming to create a new market standard for elective renters. To date, L&G has three Build to Rent sites in Walthamstow, Bristol and Salford to build a total of 900 homes. Further sites are currently being targeted to support the growth of this platform.
Dan Batterton, Fund Manager BTR, at LGIM Real Assets, said: “Adam has significant experience in the Build to Rent sector and his appointment demonstrates our dedication to investing in this market. There are a lot of compelling opportunities in the market at the moment and we have significant equity to deploy. With our platform growing rapidly and with more acquisitions in the pipeline we will be looking to announce further expansion plans to support this accelerating part of our business.”
For more information please contact:
Faye Walters, PR Manager, LGIM Real Assets
Tel: 020 3124 2823
Notes to editors:
LGIM Real Assets:
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £717bn in assets on behalf of over 3,100 clients (30 September 2015), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has an aggregate asset value of £21.4bn (31 March 2016) and is responsible for the division’s direct investment capabilities in property and infrastructure. LGIM Real Assets is made up of three specialist divisions, Legal & General Property (LGP), its property fund management arm, LGIM Infrastructure, its specialist infrastructure lending and investment division, and Commercial Lending Limited (CLL), its commercial lending arm.
LGP is the fourth largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £18.1bn (31 March 2016). These funds include:
- Balanced Funds
- Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- Specialist Pooled Funds
- The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
- Single Asset Vehicles
- Bracknell Regeneration Partnership; Central Saint Giles Partnership.
LGIM Infrastructure has concluded 18 debt investments to date across all key infrastructure sectors and has a total AUM of around £1.5bn.
CLL has now invested a total of over £1.8bn across 19 deals. Transactions include eight loans to the social housing sector, two loans to the student accommodation sector, two hotel debt deals and two loans to the care home market.