Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General Plc    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Legal & General : invests a further £57m in Leeds as it adds second Build to Rent site to city centre

01/21/2021 | 03:36am EST

21 Jan 2021

Legal & General continues to expand its Build to Rent (BTR) offer as it announces, on behalf of its Build to Rent Fund (BTR Fund) and Access Development Partnership (a joint venture between Legal & General Capital and PGGM), that it has agreed to the funding of a £57 million development site at Tower Works in Leeds City Centre

This investment follows the £100 million investment to develop Hockley Mills, a 400 apartment scheme in Birmingham.

Leeds is one of the UK's largest cities in terms of population and economic output, yet supply of housing in the city centre has been severely constrained over the past decade. Current housing stock is unable to meet the growing demand for rental accommodation. Recognising the prospect for rental growth in Leeds, Legal & General has acquired two BTR sites in the city centre; Mustard Wharf in 2017, and now Tower Works. Both sites are central to the landmark South Bank regeneration area, and together will deliver 500 homes, offering one, two and three bedroom apartments, alongside over 16,000 sq. ft. of commercial space.

In the last few years, the BTR sector has really come into its own. It has cemented its position in the UK as an asset class and is successfully evolving away from the private rented sector. Following Legal & General's first investment in the sector in 2016, its BTR business has grown rapidly. Today, it has committed over £2 billion in the sector, with nearly 2,000 operational apartments and a pipeline to deliver a further 7,000 apartments by 2025.

Richardson and Ask Real Estate Ltd will act as developers at the Tower Works site in Leeds - delivering the 245 apartment scheme. Works will start on site in the coming months.

As Covid-19 drives secular changes and a fundamental rethink of many areas of the real estate sector, BTR has remained largely unaffected. It has delivered stable income returns throughout the crisis, with occupancy, rent collection and demand remaining high. In the last four weeks, we have committed £57 million to Tower Works, £100m to Hockley Mills in Birmingham, and welcomed the first residents to our Mustard Wharf scheme in Leeds, Box Makers Yard in Bristol and the final phase of The Slate Yard in Salford. We continue to invest throughout the UK and demonstrate the need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities

Dan Batterton, Senior Fund Manager, BTR, LGIM Real Assets

As we prepare for economic recovery, greater investment in the UK's regional cities - particularly to deliver vital new housing - is needed. The Build to Rent sector has an important role to play here, with Knight Frank research showing that more than 60% of new BTR homes either under construction or with planning granted will be built outside of London.

The government's commitment for more funds to support its 'levelling up' agenda in November's Spending Review, including for improving infrastructure and unlocking housing, means regional towns and cities have the potential to take the lead on building the strongest possible recovery. Legal & General's latest investment in Tower Works, Leeds, which closely follows its £100 million investment in Hockley Mills in Birmingham, further demonstrates its continued commitment to the regions, and the growing strength of regional hubs across the UK. These developments will provide high quality, well managed housing for the local workforce, as we return to a more active economic environment.

Adam Burney, Partner in the Residential Capital Markets team at Knight Frank

For further information

Disclaimer

Legal & General Group plc published this content on 21 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2021 08:35:04 UTC


© Publicnow 2021
All news about LEGAL & GENERAL PLC
02/26LEGAL & GENERAL : Bruntwood SciTech expands into the ‘Golden Triangle' wit..
PU
02/18LEGAL & GENERAL : LGIM adds sustainable bond fund to new fixed income ETF range
PU
02/17LEGAL & GENERAL : comments on latest NICE Long Covid guidelines
PU
02/17LEGAL & GENERAL : Mortgage Club reveals the top mortgage searches in January 202..
PU
02/16LEGAL & GENERAL : Bracknell regeneration picks up pace with the addition of Spor..
PU
02/16LEGAL & GENERAL : Largest law firm in the North East chooses Legal & General's N..
PU
02/16LEGAL & GENERAL : Morgan Stanley Keeps Legal & General at Equalweight, Lifts PT
MT
02/16LEGAL & GENERAL : completes £570 million buy-in with Deutsche Bank pension schem..
PU
02/15LEGAL & GENERAL : to launch Rebuilding Britain Index as early findings point to ..
PU
02/10Bank of England rules out big capital reduction for insurers after Brexit
RE
More news
Financials
Sales 2020 32 991 M 45 963 M 45 963 M
Net income 2020 1 700 M 2 369 M 2 369 M
Net Debt 2020 1 149 M 1 600 M 1 600 M
P/E ratio 2020 8,94x
Yield 2020 6,82%
Capitalization 15 392 M 21 435 M 21 445 M
EV / Sales 2020 0,50x
EV / Sales 2021 0,40x
Nbr of Employees 8 542
Free-Float 97,4%
Chart LEGAL & GENERAL PLC
Duration : Period :
Legal & General Plc Technical Analysis Chart | LGEN | GB0005603997 | MarketScreener
Technical analysis trends LEGAL & GENERAL PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 284,28 GBX
Last Close Price 259,30 GBX
Spread / Highest target 46,5%
Spread / Average Target 9,63%
Spread / Lowest Target -36,4%
EPS Revisions
Managers and Directors
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
Jeff Davies Group Chief Financial Officer & Executive Director
John Kingman Chairman
Julia Susan Wilson Senior Independent Non-Executive Director
Lesley Mary Samuel Knox Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
LEGAL & GENERAL PLC-2.59%21 435
THE BLACKSTONE GROUP INC.6.82%45 954
AMUNDI-5.69%15 390
FRANKLIN RESOURCES, INC.7.24%13 226
THE CARLYLE GROUP INC.8.94%12 131
INVESCO LTD.28.63%10 292