Legal & General’s Suburban Build-to-Rent platform (LGSBTR) and Vistry Group have signed a £40 million deal to bring forward 147 new build-to-rent homes in Coventry.

The homes form part of a larger development by Vistry in the Keresley suburb of northern Coventry, where Vistry is looking to build 550 family homes across two sites, with 147 of these now acquired by Legal & General SBTR for private rental. As part of the first phase of development, c. £8 million of planning contributions will also be invested in local services for the community, including education, healthcare, highways, biodiversity offsetting measures, and parks.

The deal will deliver a diverse mix of homes that benefit from air-source heat pumps, solar panelling, and electric vehicle (EV) charging points. The site is part of a wider Sustainable Urban Extension opposite an area of ancient woodland, with expected access to nature and open space alongside community facilities such as schools, convenience retail, and primary healthcare. Keresley is an attractive family location offering strong transport connections: it is only a 20-minute bus ride from Coventry city centre, with Coventry being just 30 minutes from Birmingham and 60 minutes from London by rail.

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Legal & General's SBTR platform was launched to develop large-scale 'single family' rental communities in suburban locations across the UK. LGSBTR’s housing schemes are community-focused and service-led, offering exceptional service as an institutional landlord, and a long-term, reliable service proposition so residents have choice, stable tenancies, and flexibility − a level of offering widely unavailable in the broader residential market.

David Reid, managing director of Legal & General SBTR, said: "To meet the UK's ongoing housing demands, we need quality homes of all tenures for every kind of household. As a dedicated single-family housing investor, Legal & General SBTR aims to meet the UK’s diverse housing needs by working with leading development partners like Vistry to scale up delivery of new, high-quality family homes across the UK.

"Bringing new homes to Coventry – our first entry into the West Midlands – is part of our ongoing work to tackle the UK’s need for reliable long-term rental options whilst also building out assets for our long-term partners."