L&G acquires ‘largest affordable housing scheme to date’ in East London regeneration site

Legal & General has signed its largest affordable housing deal to date with a scheme in East London.

Legal & General Affordable Homes has announced the acquisition of Deanston Wharf within Ballymore’s Royal Wharf regeneration scheme.

Spread over four buildings, the Deanston Wharf development comprises 104 homes for affordable and social rent and 103 for shared ownership, with completion scheduled for Q2 2023.

Ben Denton, chief executive of Legal & General Affordable Homes, commented: “We have made great progress since we started trading in 2019, and the signing of this great quality affordable housing at Deanston Wharf with Ballymore is another milestone.

“The pandemic has affected every corner of our lives and has emphasised the need to provide safe, secure, affordable housing for families right across the country.

“We continue to prove the model of deploying institutional capital at scale to meet affordable housing need alongside delivering sector-leading customer service satisfaction through our network of management providers.

“Working alongside our management providers, developers and suppliers we remain committed to leading the evolution of the affordable housing sector for the benefit of our customers, our stakeholders and society.”

John Mulryan, group managing director at Ballymore, added: “The need for affordable housing has never been more pressing and so we’re proud to be partnering with L&G Affordable Homes on Deanston Wharf.

“This deal is testament not only to the quality of housing we are delivering at Deanston Wharf, but also the strength of the wider community at Royal Wharf, and we look forward to continuing the regeneration of this exciting area of London.”