Over the last two and a half years, Milligan has been working at a strategic level with The John Lewis Partnership to define and deliver the vision of diversifying the estate into residential homes which offer the trust, quality and service synonymous with the John Lewis and Waitrose brands.
Last week, The John Lewis Partnership announced a £500m multi-decade joint venture with global investment company abrdn to deliver around 1,000 new homes across three local communities. Waitrose shops in Bromley and West Ealing, and a vacant John Lewis warehouse in Reading have been named as the first three locations.
Mike Anderson, Milligan’s chief investment officer said; “We’ve really enjoyed working with The John Lewis Partnership to bring all aspects of their BTR business to life. They will become developer, operator and investor in an important market that will play a critical role in addressing the national shortfall of rental homes.
“It has been an incredibly exciting journey, requiring all our expertise and vision. We’re also very proud to have played our part in introducing and structuring the JV with abrdn, one of the largest residential investment managers in Europe, which will help realise 10% of the ambition to build 10,000 new homes over the next decade.
“We’re delighted to be continuing to work with The John Lewis Partnership alongside a very talented team, as they work towards becoming a major player in the BTR market.”