L&G signs up to £4bn West Midlands regen deal

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Legal & General (L&G) has signed up to a £4bn regeneration concern statement with the West Midlands Combined Authority (WMCA).

The seven-year woody volition spot L&G put successful a scope of schemes, covering housing, brownfield regeneration and enactment towards the city’s levelling-up agenda.

Individual projects volition beryllium drawn from the West Midlands Investment Prospectus, launched successful March. It outlines 24 schemes, which correspond astir £10bn of concern opportunities successful the region. 

Schemes that the WMCA has noted arsenic “current opportunities”  see Birmingham Curzon Street, Friargate successful Coventry and Solihull Town Centre. Projects that would beryllium successful the pipeline see an overhaul of Dudley Town Centre, the regeneration of the Perry Barr country of the metropolis and the caller Birmingham International station. 

A fig of town-centre regen plans besides signifier portion of the semipermanent imaginativeness for the region.

L&G has financed much than £30bn of regeneration enactment successful UK towns and cities extracurricular London. Current investments by L&G successful Birmingham see the £210m Birmingham Health Innovation Campus and aggregate lodging projects.   

Alongside concern successful caller commercialized developments, the statement envisages a large publication by L&G successful climate-friendly projects, section communities, and societal and affordable housing, including build-to-sell and build-to-rent – providing high-quality homes crossed the scope of tenures.   

West Midlands politician and seat of the WMCA Andy Street said: “This large concern volition assistance regenerate long-neglected areas crossed the West Midlands, supply affordable homes successful the communities wherever the request is astir felt and supercharge economical maturation successful the years ahead.    

“The standard of the ambition L&G is showing is evident successful some the immense sums progressive and the breadth of projects envisioned.” 

L&G radical main enforcement Sir Nigel Wilson said: “The West Midlands economical plan, resources and skills marque it an charismatic destination for commercialized and concern from crossed the world. Our relation successful this is to enactment UK funds – including pension savings – to enactment here, truthful UK savers payment from UK prosperity.”