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Real Estate
In a significant move to bolster the UK's housing sector, Japan's leading property developer, Nomura Real Estate Development, has embarked on a joint venture with Legal & General (L&G), one of the UK's most prominent investors and developers. This partnership aims to deliver over 1,000 high-quality build-to-rent (BTR) homes across London over the next five years, marking a crucial step in addressing the UK's housing shortage and supporting the government's ambitious housing targets.
The UK faces a persistent challenge in meeting its housing demand. The build-to-rent sector, which currently accounts for only about 2-3% of privately rented properties, presents a substantial opportunity for growth and investment. The collaboration between Nomura Real Estate Development and L&G not only underscores the attractiveness of the UK residential market for international investors but also highlights the strategic importance of institutional investment in accelerating housing delivery.
By combining L&G’s extensive knowledge of the UK real estate market with Nomura’s design and build quality expertise, this partnership brings together the best practices from both leaders in their respective markets. The collaboration allows for the pooling of resources and expertise, enhancing the efficiency and quality of the housing projects.
The joint venture supports the UK government’s goal of delivering 1.5 million more homes. By leveraging international investment and expertise, this partnership showcases how global collaborations can help meet national housing objectives.
Such large-scale housing developments not only address housing needs but also contribute significantly to the local economy through job creation during both the construction and operational phases.
Bill Hughes, Global Head of Private Markets at L&G, emphasized the strategic importance of this partnership in advancing L&G’s growth ambitions. He noted that the partnership demonstrates how international collaborations can attract third-party capital into the UK’s residential market, supporting government initiatives to boost housing delivery[1].
Dan Batterton, Head of Residential at L&G, highlighted the partnership’s role in bringing much-needed homes to the UK. He emphasized that this collaboration showcases the attractiveness of the UK residential market to international investors and underscores the critical role of institutional investment in driving housing supply[2][3].
The UK build-to-rent market is poised for significant growth, driven by factors such as increasing demand for high-quality rentals and government support for housing development. This partnership is well-positioned to capitalize on these trends, leveraging Nomura’s experience in delivering sustainable and energy-efficient homes and L&G’s established presence in the UK market.
The partnership between Nomura Real Estate Development and L&G represents a significant advancement in the UK's build-to-rent sector. By bringing together expertise from two leading property developers, this joint venture not only addresses the pressing need for high-quality rental housing in the UK but also sets a precedent for international collaboration in real estate development. As the UK continues to navigate its housing challenges, such strategic alliances will be crucial in shaping the future of the UK's residential landscape.
