Lend Lease adds affordability to $2.5 billion London project

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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