Lend Lease adds affordability to $2.5 billion London project

Affordable housing to be financed in part by Mayor of London.

Justin Loiseau

Justin Loiseau hails from the great united state of North Carolina, where he started his first business at the ripe age of five: melting crayons into candles. With the infamous Crayola Crash of 1994, Justin moved on to study economics and environmental studies as a Morehead-Cain Scholar at the University of North Carolina. He has worked in a variety of sectors across the globe, from management consulting to the United Nations, and once spent three months examining invasive snails in Vietnam. Justin discovered The Motley Fool in 2012 and it’s been love ever since. Creativity, contrarianism, kerfuffling… what more could one want? When he’s not playing the Fool, you can find Justin at the University of Auckland, where he is pursuing a Masters in Economics as a Rotary Ambassadorial Scholar. Justin finds biogas digesters fascinating and can unicycle a mile in seven minutes.

Published July 25, 2013 9:36 am AEST

Lend Lease (ASX: LLC) announced this week that it has picked L&Q as its affordable housing partner for a massive £1.5 billion (A$2.5 billion) central London revitalisation project.

Located in Trafalgar Place, overall affordable housing plans call for 235 new apartments across seven buildings by summer 2015. L&Q will step in to build 54 homes, financed in part by a £780,000 (A$1.3 million) contribution by the Mayor of London.

Lend Lease's larger project is already underway, with construction on 500 homes started last week throughout Elephant & Castle in Central London. In partnership with the Southwark Council, Lend Lease expects the project to expand to around 3,000 new homes over the next few years.

Lend Lease Project Director Pascal Mittermaier noted that Lend Lease isn't constructing empty houses. "The regeneration of Elephant & Castle is now gathering momentum both in terms of the progress on site and the sale of new homes," said Mittermaier in a statement.

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Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.

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