LGIM (Legal & General Investment Management) has arranged a four year, £270m green development financing from HSBC, NatWest to fund the development of the £500m Wandsworth Build to Rent scheme.

The funding is aligned to the Loan Market Association’s Green Loan Principles and one of the largest sustainable finance facilities in the housing sector to date. Eligibility under these principles specify that loan proceeds are to be used to finance green buildings which meet regional, national or internationally recognised standards or certifications for sustainability.

The scheme will deliver more than 1,000 homes, 35 per cent of which will be affordable, with the first homes ready for occupation in 2023. The scheme has long-term environmental sustainability built in with operational net-zero carbon targeted by 2030.

Dan Batterton, head of residential for LGIM Real Assets added: “In keeping with our Inclusive Capitalism purpose, we want to help tackle the UK’s housing crisis, create new neighbourhoods and bring brownfield sites back into effective use. This will also support local authorities in meeting their housing targets.”

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