L&G and NatWest join forces for £500m net zero retirement housing project

The partnership will bring forward around 5,100 energy efficient homes for older residents

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NatWest Group‘s pension scheme NatWest Pension Trustee Limited (NWPTL) and Legal & General have today launched a joint venture (JV) to deliver net zero ‘later living’ homes.

The 15-year JV will see an investment of £500 million that aims to support the development of around 5,100 ‘green’ homes suitable for older residents.

The homes will be operated by the retiring housing provider Inspired Villages.

The company built its first two ‘net zero carbon’ in regulated energy developments earlier this year – located in Bedfordshire and Hampshire, the facilities consist of 350 energy-efficient homes.

Robert Waugh, Chief Executive Officer of NWPTL, said: “This new partnership with Legal & General and Inspired Villages aligns perfectly with our ambitions to invest in areas that present strong social and environmental credentials, whilst offering a good match for our long-dated liabilities.”

Laura Mason, Chief Executive Officer of Legal & General Capital, said: “At Legal & General, we are determined to use society’s capital for society’s benefit. Net zero later living communities, which help to tackle climate change whilst addressing years of underinvestment in our ageing population, do just this.”