Legal & General Investment Management (LGIM) has added a £50 million investment into a project by Jigsaw Homes Group to deliver over 4,000 new social and affordable homes between 2024 and 2028.
The investment follows two previous loans to Jigsaw in 2014 and 2015 respectively, totalling £75 million.
As one of the largest housing providers in England, Jigsaw builds, renovates and manages affordable housing for rent and sale – with more than 36,000 homes across the North-West and East Midlands.
Steve Bolton, Head of Corporate Private Credit, UK & Europe, LGIM commented: “Our partnership with Jigsaw shows how institutional investors can help support the [affordable housing] sector in a number of different ways. This investment is an example of how we can support our long-term pension commitments while also helping a leading organisation like Jigsaw build new homes and invest in their communities.”
Investing across the UK, US and Europe, LGIM Real Assets manages around £17 billion of private credit investments. The firm said Legal & General Group was “uniquely placed to tackle the current housing crisis” and deliver more affordable homes using equity and debt.
Through Legal & General Affordable Homes, the group has committed to deliver 3,000 new affordable homes annually.
