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L&G build-to-rent plan could involve broker partners – Smith

  • 15/08/2013
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L&G build-to-rent plan could involve broker partners – Smith
Broker partners of Legal & General are likely to be involved in its plans to become a large-scale landlord.

Yesterday, L&G chief executive Nigel Wilson told the BBC the financial services firm was looking to enter the build-to-rent sector. Earlier this year, L&G bought a significant stake in the housebuilder Cala Homes as part of a housing “grand plan”.

Housing director Stephen Smith said: “We already work with lots of mortgage brokers who are associated with estate agents and I am sure we would not do anything to undermine those relationships.

“It is quite likely we will be looking to involve our partner firms, but it is early days.”

Legal & General, which plans to become a one-stop shop for those seeking to buy a home within three years, ramped up investment into the housing sector this year.

In March 2013, Legal & General agreed a £102m lending deal with one of England’s largest housing associations, the Hyde Group, and bought a £210m stake in house builder Cala Homes. It has also invested in building student accommodation.

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