Scottish investment giant and John Lewis join forces to develop hundreds of homes
The two firms have signed an exclusive agreement to bring forward 1,000 new homes in three build-to-rent schemes in London and the south east of England with a development value in the region of £500 million. Over time, John Lewis Partnership is planning to construct some 10,000 homes on the sites of old shops and warehouses.
The venture is said to bring together a “strong complementary set of capabilities”. Edinburgh-headquartered Abrdn, formerly known as Standard Life Aberdeen, is one of Europe’s largest investment managers with some £7.4 billion (30,000 units) of residential assets under management, while John Lewis Partnership is described as a “trusted brand with high standards of service”.
Advertisement
Hide AdAdvertisement
Hide AdNeil Slater, head of real assets at Abrdn, said: “The critical lack of quality rental accommodation in the UK needs to be addressed. The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.”
Nina Bhatia, executive director for strategy and commercial development at John Lewis Partnership, added: “Our partnership with Abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities. Our residents can expect homes furnished by John Lewis with first-rate service and facilities. The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters.”
Comments
Want to join the conversation? Please or to comment on this article.