Macfarlanes has advised long-standing client Legal & General on its acquisition and forward funding of a build-to-rent site in Manchester in its joint venture with Nest and PGGM.

The transaction marks the first site acquired in the landmark build-to-rent partnership between Nest, Legal & General, and PGGM to build thousands of high-quality rental homes, seeking to deliver stable financial returns for institutional investors. This investment expedites the capital deployment of the portfolio expected to grow up to £1bn in the coming years.

The F1 development includes 494 homes across a 51-storey building within Renaker’s Deansgate neighbourhood.

The homes will be a mix of one, two and three-bed apartments. The building will include 10,000 sq ft of amenity and resident facilities, including a gym, gardens and co-working space.

The Macfarlanes team was led by Real Estate Partner Tania Barnes and Senior Counsel Sindhuja Shriananda with assistance from Real Estate Associate Joseph Mukozho and Construction Senior Associate Louisa Hudson. Tax advice was provided by Partner Sarah Shucksmith and Associate Jack Slater. Private Funds advice was provided by Partner Harriet Miller and Associate Jade Allman.