The Local Pensions Partnership (LPP) has invested £150m in private rental housing, joining a consortium of investors who have so far committed to £1.2bn for the build to rent platform.
The Local Government Pension Scheme (LGPS) pool joined Allianz Real Estate in the latest £410m investment round for dedicated residential investment vehicle Door, co-sponsored by Oxford Properties and DV4, a client fund advised by Delaney Real Estate Management.
Door owns a 39% stake in Get Living, where the funds will be invested in its existing development pipeline and for further large-scale acquisition opportunities.
Get Living currently comprises approximately 2,900 operational homes across two main developments at the former London 2012 Athletes' Village in East Village, Stratford, and at Elephant Central in Elephant and Castle.
A further 1,800 homes are currently under construction, while secured development has been approved for 3,500 homes, at East Village, Elephant and Castle, Lewisham Gateway, and Manchester's Middlewood Locks, as well as in Glasgow and Leeds.
LPP chief executive Chris Rule said: "Supporting large-scake residential property projects is an important part of our investment strategy, and the Get Living platform presented the key characteristics that we look to add to our portfolio.
"This investment will support the delivery and ongoing stewardship of high-quality, affordable, and professionally managed homes. We are delighted to be contributing to the regeneration of local communities while also creating sustainable and resilient assets that will provide value for our pension scheme members over the long term."
As of March this year LPP was managing £17.7bn of assets on behalf of the LGPS funds of Lancashire and Berkshire, as well as the London Pensions Fund Authority.
The equity from LPP and Allianz will be used to fund the continued growth of Get Living, which is targeting between 12,000 and 14,000 homes as part of an ambition to become the UK's pre-eminent build-to-rent provider.
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