Legal & General Adds £130M to Affordable Housing Strategy

Legal & General (L&G) secured £130M (~$162.3M) in capital commitments at the second close of its Affordable Housing Fund, bringing the total amount raised for the strategy to £510M (~$636.9M).

L&G secured investments for its affordable housing strategy, including £100 million (~$122 million) from London LGPS CIV, the investment pool for London Local Government Pension Schemes. Better Society Capital and the ACCESS Pool, an LGPS collaboration, also participated in the fundraising.

L&G launched its affordable housing strategy in July of last year to help address the housing crisis across the UK. The funds raised to date are expected to support the development of 3,500 to 4,000 homes, with over 1,000 projected to be operational or under construction by the second quarter. Following the second close, the fund was also seeded with 514 homes.

Legal & General Affordable Homes is managing the fund's assets. Since its establishment in 2018, the manager has invested £1B (~$1.25B) in affordable housing and built a portfolio of 8,000 homes either in operation or under development.

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Written By: Dakota

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