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PROPERTY:

9 luxury homes to consider if money is no object

Ever thought about what a multimillion pound budget would buy you?

L&G invests in UK private rental market, could invest up to 1 bln pounds

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - Insurer Legal & General said on Thursday it made an initial 25 million pound ($38.81 million) investment in the UK private rental market, and could invest up to 1 billion pounds in the sector.

L&G (LSE: LGEN.L - news) said the first investment, through its Legal & General Capital (Other OTC: CGHC - news) unit, was a regeneration site in Walthamstow, northeast London, to build and rent over 300 flats.

L&G Capital said it had invested 4.6 billion pounds in UK direct investments and infrastructure over the past couple of years.

L&G said last month it would allocate 1.5 billion pounds to a new British fund for infrastructure projects and seek external financing to expand its size to 15 billion pounds.

($1 = 0.6441 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)