Legal & General has announced it has invested £44.6m in an innovative partnership with Croydon Council to provide 167 homes for families on the housing waiting list.

The houses will be leased to Croydon Council on a 40-year term, after which time they will belong to the council, and are to provide stability for local families and residents, many of whom have been living in emergency accommodation. The partnership should also help create around £20 million in savings for the council.

The investment, being made on behalf of Legal & General Retirement Institutional, is described by the company as a project that ”demonstrates the positive social impact that a proactive local authority and long-term investment can deliver”.

Pete Gladwell, head of Public Sector Partnerships at Legal & General said: “We want to enable society to shape its future through our investments; investing into sectors where we can make a real difference.”

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