John Lewis has teamed up with investment manager Abrdn in a ￡500mn multi-decade deal to build 1,000 rental homes, becoming the first British retailer to turn some of its shops and other properties into houses.
The employee-owned partnership, which said in June that it wanted to get into housebuilding, plans to build the properties in Bromley and West Ealing in London, and in Reading.
John Lewis will develop and manage the homes, using its property assets, in the first tranche of a 10,000-home plan over the next decade. The company earlier said it would use two Waitrose supermarkets and a former collection depot for redevelopment.
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