16
May
/

Legal and General buys into Croydon’s Taberner House development

Legal and General has agreed a £100m forward funding deal with HUB to develop a 35-storey build to rent tower in the Taberner House development.

The tower sits within the wider development, which also includes three other blocks, providing 513 homes, 40% of these affordable, as well as new public realm. As part of the development, the adjacent Queen’s Gardens will be enlarged with new landscaping and amenities.

Dan Batterton, BTR fund manager at Legal & General, told Property Week: “Our funding deal will act as a catalyst for further housing development in Croydon and will help support the wider regeneration of the area. Bringing together the development expertise of HUB, the progressive long-term vision of Croydon Council and our private capital we are able to unlock the development of much needed housing supply, delivering real UK growth and helping to transform Croydon over the long term.”

Construction of the scheme has already begun with completion of the Taberner House development expected in 2021.

Savills advised HUB on the forward funding deal with Legal & General.