The 35-storey building designed by architect AHMM is is the tallest of the four blocks that comprise the Taberner House development in Croydon, which also includes 21-, 19- and 13-storey buildings.
The funding deal comes as construction work starts on the scheme, with Henry Construction appointed main contractor.
The forward funding deal will see Legal & General take ownership of the 35-storey building on completion, which is expected in 2021.
The overall Taberner House development will provide 513 homes, with a mix of affordable, for sale and rental units, as well as new public realm, a children’s play space and a new café. At least 40% of the units will be designated as affordable.
Dan Batterton, Legal & General’s buy-to-rent (BTR) fund manager, said: “Our funding deal will act as a catalyst for further housing development in Croydon and will help support the wider regeneration of the area. Bringing together the development expertise of HUB, the progressive long term vision of Croydon Council and our private capital we are able to unlock the development of much needed housing supply, delivering real UK growth and helping to transform Croydon over the long term.”
Legal & General’s BTR platform now has a pipeline of almost 2,000 homes, with the aim to have 6,000 in planning, development or operation by the end of 2019. Legal & General has raised pension fund capital for an open-ended BTR fund alongside a £600m joint venture between Legal & General Capital and PGGM.
Hub and Bridges are jointly developing several lower-cost housing developments across London, which could together amount to more than 1,500 homes with a combined value of more than £500m.