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John Lewis has teamed up with investment manager Aberdeen in a £500mn multi-decade deal to build 1,000 rental homes, becoming the first British retailer to convert some of its shops and other properties into homes.
The employee-owned partnership, which said in June it wanted to get into housebuilding, plans to build properties in Bromley and West Ealing in London, and in Reading.
John Lewis will develop and manage homes using its property assets in the first phase of a 10,000-home scheme over the next decade. The company previously said it would use two Waitrose supermarkets and a former collection depot for the redevelopment.
“This is a long-term joint venture that brings together Abrdn’s experience as Europe’s largest residential investment manager, with the trust, service and quality synonymous with the John Lewis and Waitrose brands,” the group said on Friday.
The deal includes a commitment to affordable housing and sustainability, John Lewis said, with the aim of providing “stable income” for the partnership as it seeks to diversify away from retail.
Aberdeen and John Lewis will reveal more details for West Ealing and Bromley “in due course” and aim to submit their first planning applications next year, said Neil Slater, head of real assets at the investment manager.
Public consultation for the site in Reading is expected in 2023.
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