Insurance firm legal and general is to develop an off-site housing factory in Yorkshire, where build-to-rent homes will be constructed.
The investment firm is teaming up with Dutch pension fund manager PGGM to build such homes and Construction Enquirer has claimed that the hitherto-secret project will be formally launched in the next few weeks.
Named L&G Homes, the new construction arm of the firm will create around 3,000 new properties a year, with these being built in a warehouse facility that the parent firm will spend £55 million on converting.
It is believed the first factory could be followed up by more.
The partnership with PGGM is designed to disrupt the existing market for rental accommodation by increasing its supply, with initial plans for 650 flats in Bristol, Salford and north-east London.
Salford is already set for a new build-to-rent development in the Quays area, with Amstone Ventures and residential landlord Grainger teaming up in a £99 million, 600 homes plan for Clipper Quays.
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