Transport for London (TfL) has announced that its wholly owned commercial property company, TTL Properties Limited, has been renamed Places for London Limited.
The new name better describes both the company’s continuing relationship with TfL and its role in the capital, and will be easier for its customers to understand.
Places for London became financially independent of TfL in April 2022, with the purpose of taking forward TfL’s property development activity without diverting any funding from much-needed transport improvements across London. Its work will continue to support the Mayor of London’s ambitions to make London a place that is open and welcome to all, from small businesses to those seeking to buy their own homes.
All operating profits made from recurring revenues will continue to be returned to TfL as a dividend, creating a long-term revenue stream that can be reinvested into the transport network.
TfL has capacity on its land for 20,000 homes, and Places for London’s approach is underpinned by the ambition to start on site on all of these by 2031. Places for London is aiming to deliver 50 per cent affordable housing on average across its sites. Places for London has multiple developments that will be delivering not only new homes, but also a variety of improvements for the local community, including transport facilities. Work has already started on sites across London for more than 3,350 homes, with more than 800 already completed.
Places for London will also continue to invest in its current estate, as a landlord for more than 2,000 businesses across the capital located in arches, stations and on local high streets, with more than 90 per cent of its tenants being small and medium enterprises.
Graeme Craig, Director and Chief Executive Officer at Places for London, said: “Places for London is a name that better reflects our ongoing relationship with Transport for London and our purpose and will be simpler for our customers to understand. Working with our partners, we are excited to increasingly be one of London’s most important landowners – delivering new homes and improvements for communities across the capital.”