Macfarlanes advises Legal & General on £150m forward funding deal with Telford Homes to deliver build-to-rent development

17 December 2021

Macfarlanes has advised long-standing client Legal & General on the completion of an innovative £150m forward-funding deal with property developer Telford Homes to deliver a landmark build-to-rent (BTR) development in Stratford, London.

The scheme will deliver 247 BTR homes, 54 discounted market rent homes, 79 affordable rent homes and high-quality amenity and commercial space, expanding L&G’s BTR pipeline to over 7,500 homes across the UK.

Legal & General Retirement will forward fund the entire project and will own and operate the completed scheme with Legal & General Affordable Homes owning and operating the affordable units.

The Macfarlanes team was led by real estate partner Anthony Burnett-Scott with assistance from senior solicitor Tania Barnes and solicitor Gwen Llewelyn Atkinson. Construction advice was provided by senior solicitor Shane O’Neill and tax expertise came from senior counsel Kirsten Prichard Jones.

Anthony Burnett Scott comments: “We are pleased to have advised Legal & General on the forward funding of this exciting scheme. The innovative structure of this transaction marks a new standard for collaborative development where funders and developers are more closely aligned in the risk and reward. A great way to end an exceptional year for the BTR market.”