John Lewis has teamed up with funding supervisor Abrdn in a £500mn multi-decade deal to construct 1,000 rental properties, changing into the primary British retailer to show a few of its outlets and different properties into homes.
The worker-owned partnership, which stated in June that it wished to get into housebuilding, plans to construct the properties in Bromley and West Ealing in London, and in Studying.
John Lewis will develop and handle the properties, utilizing its property property, within the first tranche of a ten,000-home plan over the subsequent decade. The corporate earlier stated it will use two Waitrose supermarkets and a former assortment depot for redevelopment.
“It is a long-term three way partnership that brings collectively Abrdn’s expertise as certainly one of Europe’s largest residential funding managers along with the belief, service and high quality synonymous with the John Lewis and Waitrose manufacturers,” the group stated on Friday.
The deal features a dedication to reasonably priced housing and sustainability, John Lewis stated, with the purpose of offering a “steady earnings” for the partnership because it seeks to diversify from retail.
Abrdn and John Lewis will unveil extra particulars for West Ealing and Bromley “in the end” and purpose to submit their first planning functions subsequent yr, stated Neil Slater, head of actual property on the funding supervisor.
A public session for the positioning in Studying is anticipated in 2023.