ABRDN and John Lewis announce £500m partnership to build 1,000 rental homes
UK asset manager ABRDN (formerly Standard Life Aberdeen) has partnered with department store John Lewis to build 1,000 rental homes in the UK, in a deal worth £500m. The partnership will be run by John Lewis and ABRDN Real Estate Investment Management, and the new homes will be built on underutilised land owned by John Lewis, primarily at its Waitrose supermarket sites.
This partnership is part of ABRDN’s strategy to diversify its real estate investments and expand its private rented sector (PRS) portfolio. The PRS sector has seen significant growth in the UK over the last few years, with high demand for rental properties and a lack of affordable homes for sale.
ABRDN has previously invested in PRS properties in cities such as Manchester, Birmingham, and Glasgow. The new partnership with John Lewis will allow the company to expand its PRS portfolio and create new rental homes in key locations across the UK.
Partnership focuses on sustainable design and community building
The ABRDN-John Lewis partnership will focus on sustainable design and community building, with the aim of creating homes that are affordable, energy-efficient, and community-oriented. The rental homes will be a mix of studio, one, two, and three-bedroom apartments, with prices designed to be affordable for key workers, young professionals, and families.
The partnership also aims to create new jobs and stimulate economic growth in the areas where the new homes will be built. The construction of the rental homes will create jobs in the building industry, while the new residents will help support local businesses and services.
In addition to the new rental homes, the partnership also plans to develop green spaces, parks, and community centres, to create a sense of community and improve the quality of life for residents.