Britain's John Lewis agrees $611 mln home building joint venture with abrdn

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 Britain's John Lewis agrees $611 mln home building joint venture with abrdn
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LONDON, Dec 2 (Reuters) - British retailer the John Lewis Partnership said on Friday it has agreed a 500 million pounds ($611 million) multi-decade joint venture with investment company abrdn to build residential rental homes.

The employee-owned John Lewis, which owns a department store chain as well as upmarket grocer Waitrose, is trying to diversify its business and has a target to generate 40% of its profit from outside retail by 2030.

It said the deal will deliver 1,000 homes in Bromley and West Ealing in London, and Reading, southern England, delivering 10% of its ambition to build 10,000 new homes over the next decade.

Of those 5,000 would be from land on John Lewis' existing estate and the homes would range from one to three bed apartments. ($1 = 0.8178 pounds) (Reporting by James Davey; editing by Sarah Young)

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