UK insurer Legal & General is planning to invest as much as £1 billion in the private rented housing sector in the UK and has inked its inaugural deal in the market, acquiring a site in north east London.

Legal & General Capital, which oversees investments for Legal & General's annuity, protection and savings units, has acquired a site in Walthamstow for £25 million. It plans to build 300 one, two and three-bedroom rental flats on the site, which is among the largest private rented sector projects in the UK.