Scotland’s private rental market has been handed a boost after the Scottish National Investment Bank invested £50 million in L&G’s Build to Rent Fund.
It will support the delivery of purpose-built privately-rented homes across the country.
The bank’s participation in the fund aims to attract more capital to the Scottish rental market and help stimulate BTR development.
L&G is a leading direct investor, developer and operator across UK residential property, with £5 billion of assets under management across its housing platform.
Through its BTR strategy, L&G has deployed more than £4 billion of capital, delivering more than 10,000 homes across the UK.
Previous investments through the fund include a mixed-use regeneration development with 346 units at Candleriggs Square in Glasgow, with the latest investment supporting L&G to expand its presence in Scotland.
Dan Batterton, head of housing, asset management at L&G, said: “BTR is a core component of L&G’s wider housing strategy.”
He said there was strong interest from investors seeking long-term exposure to the UK rental market.
Nicola Douglas, executive director of sustainable Investment at the bank, said the Build to Rent market is an “established route to attracting private capital at scale”.
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