Abrdn and John Lewis in build-to-rent homes plan
Asset manager Abrdn and retailer John Lewis Partnership are to deliver 1,000 homes in three build-to-rent schemes in London and the south east with a gross development value of circa £500m.
Abrdn has £7.4 billion (30,000 units) of residential assets under management and said its deal with John Lewis creates “a unique platform” for the UK’s growing build-to-rent market, which breaks the dominance of property developers.
Neil Slater, head of real assets at Abrdn, said: “The critical lack of quality rental accommodation in the UK needs to be addressed, so we are delighted to partner with the John Lewis Partnership to provide the required institutional investment.
“The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.
“We are really pleased to continue to expand abrdn’s capabilities in real estate and evolve our client offering through this exciting partnership.”
Nina Bhatia, executive director for strategy and commercial development at the John Lewis Partnership, added: “Our partnership with abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities.
“The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters.”