Abrdn and John Lewis in new homes scheme

Abrdn, the Scottish investment giant, has formed a joint venture with retail heavyweight John Lewis to push further into the residential property sector.

The two firms have signed an exclusive agreement to bring forward 1,000 new homes in three build-to-rent schemes in London and the south-east of England with a development value in the region of £500 million. Over time, John Lewis Partnership

is planning to construct some 10,000 homes on the sites of old shops and warehouses.

The venture is said to bring together a “strong complementary set of capabilities”. Edinburgh-headquartered Abrdn, formerly known as Standard Life Aberdeen, is one of Europe’s largest investment managers with some £7.4 billion (30,000 units) of residential assets under management, while John Lewis Partnership is described as a “trusted brand with high standards of service”.