L&G acquires £500m Wandsworth BTR scheme

Legal & General has exchanged contracts with Railway Pension Trustee Company and National Grid UK Pension Scheme to acquire two build-to-rent schemes with an end value of £500m. The acquisition will see the Legal & General Fund, PGGM and Legal & General Capital develop 902 homes and around 85,000 sq ft of commercial space in Wandsworth town centre, SW18. The two sites straddle Swandon Way, neighbouring Wandsworth Town railway station, and are occupied by home improvement retailers B&Q and Homebase. Railway Pension Trustee Company with joint developer London Square received permission for a 517-home scheme on the former