Legal & General has appointed former Sovereign Housing executive property director Ben Denton as the first managing director of L&G Affordable Homes, its new division launched in April.
When it launched earlier this year, Legal & General Affordable Homes set the target of becoming the leading private affordable housing provider in the UK and to deliver 3,000 homes per annum within the next four years.
Denton will lead on this programme working alongside housing associations to target growth in new build Section 106 and grant-funded affordable rent, social rent and shared ownership units. He brings more than 15 years property sector experience having served as executive director of property and development at housing association Sovereign Housing and group director of strategy at housebuilder Keepmoat and executive director of growth, planning and housing at Westminster City Council.
Alongside him, Legal & General has appointed a duo of non-executive directors for its affordable homes division.
Ian Graham joins the board of Legal & General Affordable Homes as chairman with over 30 years of specialist experience as head of Trowers & Hamlin’s housing and regeneration division. Former chief executive of Origin Housing, Karen Wilson, has also been appointed as a non-executive director of Legal & General Affordable Homes. Wilson has extensive experience in the development of affordable housing, asset and tenancy management, the provision of care for vulnerable people and in governance and risk management.
Simon Century, head of L&G Affordable Housing, said: “Legal & General is bringing institutional money to a significantly underfunded sector, as part of our commitment to tackle the UK’s chronic housing crisis. With only 30,000 affordable homes delivered in the UK each year, and a waiting list of 1.3m, there is an urgent need to close this gap.
“Our new affordable housing business is based on a financially sustainable model, putting together a capable and experienced team to support our ambitions to affect real change in this sector. Ben, Ian and Karen are outstanding additions to the business, who will be instrumental as we drive forward our plans of deploying institutional capital at scale to develop and manage the affordable homes that the country needs.”