A £500 million deal has been signed to start John Lewis Partnership’s (JLP) venture into becoming a Build-to-Rent landlord.

JLP has signed a deal with Abrdn for the first 1,000 of an eventual 10,000 homes which are earmarked for the sites of Waitrose stores in Bromley and West Ealing and the former collection point for John Lewis in Mill Lane, Reading (pictured)

Tenants in the homes, which are yet to secure consent,  can have them fitted with John Lewis furniture. The JLP is seeking to ensure 40 per cent of its profits come from outside retail by 2030.

Nina Bhatia, executive director for strategy and commercial development, said: “Our partnership with Abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities. Our residents can expect homes furnished by John Lewis with first-rate service and facilities. The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters.”

Neil Slater, head of real assets at Abrdn, said: “The critical lack of quality rental accommodation in the UK needs to be addressed, so we are delighted to partner with the John Lewis Partnership to provide the required institutional investment. The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.”

Image: Google.

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