John Lewis agrees £500m deal with Abrdn to build 1,000 rental homes

Waitrose shops in Bromley and West Ealing will be redeveloped, and vacant warehouse in Reading

The John Lewis Partnership has struck a 500m deal with the investment firm Abrdn to build 1,000 residential rental homes, redeveloping three sites already owned by its Waitrose and eponymous retail store chains .

The group intends to redevelop Waitrose shops in Bromley and West Ealing, and a vacant John Lewis warehouse in Reading, as the first part of a plan to build a total of 10,000 new homes over the next decade.