Legal & General has provided an £85mn investment in life housing and care provider Anchor.
The investment will fund the development of new affordable energy efficient homes which will allow the building of an average of at least 500 homes a year over a rolling 10-year period.
Legal & General Asset Management Europe head of private credit, Steven Bolton, said: “We’re really pleased to further strengthen our partnership with Anchor, helping them to create more homes across the UK for those in later life.
“We believe institutional investment can play an important role in helping to address societal challenges, and organisations like Anchor, provide an enormous contribution in terms of social value.
“In the UK, we urgently need to drive up the delivery of all types of homes, across all tenures.
“As well as a housing shortage, affordability proves challenging, so funding the delivery of energy efficient and affordable homes is ever more important.
“There are 8.5mn people in England who can’t access the housing they need, and those in need of later living housing can often be overlooked, particularly given an ageing population.
“Anchor play a critical role in so many lives and we’re pleased to be able to expand our partnership with them.”
Legal & General added that the investment provides an opportunity to support a socially focused housing provider, helping support the delivery of “much-needed” new housing supply.
Anchor chief financial officer, Amanda Holgate, added: “There is a strong underlying demand for older people’s housing and care.
“Our development strategy is concentrated where the need is greatest and the supply least, namely social and affordable housing, extra care housing, and care homes.
“We are pleased to be working with L&G so more people can have a home where they love living in later life.”
Legal & General and Anchor's partnership of investments dates back to 2014.
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
