The partnership will initially invest £600m into building purpose built private rental housing across the UK, providing over 3000 homes.

Once completed, it is intended that the developments will be retained and the units in each development will be rented out.  The agreement will see each of Legal & General and PGGM commit an initial amount of up to £300m (including access to leverage).  It is expected that the fund will expand once initial developments are built.

The Macfarlanes team was led by investment management partner Alex Amos, with tax partner James McCredie.  Senior investment management solicitor Jagdip Gujral also advised.