John Lewis launches £500m rental homes joint venture

John Lewis Glasgow sign

John Lewis has partnered with investment firm Abrdn on a £500m, multi-decade partnership to deliver part of its rental homes target.

The department store giant announced the joint venture today and said it would go towards delivering the first 1,000 of the 10,000 rental homes it will open in Reading and Bromley and West Ealing, Greater London.

The deal will see the John Lewis Partnership develop and manage the proposed new sites and includes commitments to affordable housing and sustainability tied to its existing 2035 net-zero pledge.

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