A pension fund has been chosen to help finance a housing development in east London, which could create 210 residences.
A consortium backed by the London Pensions Fund Authority (LPFA) was yesterday selected by the Greater London Authority to provide 85% of the financing for the 0.69-hectare site.
Developments at Pontoon Dock in the London Borough of Newham will transform a public car park and coach stand into 137 privately rented sector homes, 42 for affordable rent and 31 for shared ownership.
The site will also support around 11,000 sq. ft. of non-residential floor space.
It is thought the number of London households privately renting has risen to around 2million - around one in four - over the past decade.
Susan Martin, CEO of LPFA, said: 'We are delighted to have been selected as the majority financial backer for this project.
'Investing directly in the redevelopment of the Pontoon Dock site will not only deliver essential housing for London, but will also provide LPFA with the attractive, liability matching, long-term returns we need to provide for our pensioners.'