Legal & General (L&G) has purchased a major Build To Rent (BTR) site in Woolwich, south-east London.

The Macbean site, which has been acquired by co-investors Legal & General Capital and PGGM, marks L&G's largest BTR site to date and the company's third such scheme in London.

Subject to planning approval, the scheme is projected to deliver over 650 new homes, together with 21,000sqft of commercial space and a new public square.

With existing developments progressing in Walthamstow and Croydon, L&G currently has a total BTR pipeline of around 3,000 homes across nine schemes countrywide. Overall, the com[any aims to have 6,000 homes in planning, development or operation by the end of 2019.

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Dan Batterton, BTR Fund Manager at LGIM Real Assets, said: "Macbean is another great example of Legal & General investing in a location with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive long term socioeconomic impact. The location is highly desirable for renters and, with over 650 units planned for the site, is of a size which will offer significantly reduced living costs thanks to economies of scale.

"Given the notable infrastructure developments in the area, such as Crossrail, it has been a target location for us to expand our BTR offering and we remain firmly on track with our growth plans."

(LM)