Lloyds Living, the Build To Rent arm of the banking group, has expanded its rental portfolio by almost 600 in just one deal.
This is thanks to a bulk purchase as part of its so-called ‘strategic partnership’ with Barratt Redrow, the UK’s largest housebuilder.
The new portfolio is made up of 598 homes across 11 prime locations. The homes are a mix of two, three and four bedroom single family homes.
The will be at new and existing Lloyds Living sites.
So there are more homes at Hampton Beach in Peterborough, Ladden Garden Village in Yate, Lancaster Gardens in Eccleshill, and Chidswell in Yorkshire - already part of the Lloyd’s Living empire.
The 398 homes across new sites include Berkshire, Oxfordshire, Buckinghamshire, Kent, Cheshire and Gloucestershire.
The banking group claims all locations have been specifically chosen due to their good transport links, schools and excellent local employment opportunities.
The first homes are expected to be available to rent from July 2025 in Abingdon, Finchampstead and Crewe. The remaining homes will be delivered by the end of 2027.
The partnership between Lloyds Living and Barrat Redrow was founded in 2021, with both firms agreeing to work together, on a site-by-site basis, to develop what they call “incremental housing stock for the rental market.”
The first large portfolio deal between the two was agreed in 2023 and was 604 homes.
This latest investment sees Lloyds Living’s total portfolio exceed 6,000 homes, of which over 2,200 are bought from Barratt Redrow.
Matthew Burgess of Lloyds Living says:
“These forward-funding arrangements allow Barratt Redrow to accelerate delivery and to confidently invest in new sites. This in turn brings more homes on to the market.
“This new deal adds much-needed quality, family homes to the rental market in areas that have great access to jobs, schools and leisure facilities. These are homes people want, where they want to live.”
And Mike Scott of Barratt Redrow adds:
“Barratt Redrow has ambitious growth plans to build 22,000 homes a year. If we are to build the numbers of homes the country needs, across all tenures, we need to work with industry-leading partners such as Lloyds Living.
“This latest deal therefore marks the next step in a successful partnership with Lloyds Living, working together to provide more high quality, energy efficient homes for rent across the country.”
This article is taken from Landlord Today