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

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

The seven-year deal will see L&G invest in a range of schemes, covering housing, brownfield regeneration and work towards the city’s levelling-up agenda.

Individual projects will be drawn from the West Midlands Investment Prospectus, launched in March. It outlines 24 schemes, which represent about £10bn of investment opportunities in the region. 

Schemes that the WMCA has noted as “current opportunities”  include Birmingham Curzon Street, Friargate in Coventry and Solihull Town Centre. Projects that would be in the pipeline include an overhaul of Dudley Town Centre, the regeneration of the Perry Barr area of the city and the new Birmingham International station. 

A number of town-centre regen plans also form part of the long-term vision for the region.

L&G has financed more than £30bn of regeneration work in UK towns and cities outside London. Current investments by L&G in Birmingham include the £210m Birmingham Health Innovation Campus and multiple housing projects.   

Alongside investment in new commercial developments, the agreement envisages a major contribution by L&G in climate-friendly projects, local communities, and social and affordable housing, including build-to-sell and build-to-rent – providing high-quality homes across the range of tenures.   

West Midlands mayor and chair of the WMCA Andy Street said: “This major investment will help regenerate long-neglected areas across the West Midlands, provide affordable homes in the communities where the need is most felt and supercharge economic growth in the years ahead.    

“The scale of the ambition L&G is showing is evident in both the huge sums involved and the breadth of projects envisioned.” 

L&G group chief executive Sir Nigel Wilson said: “The West Midlands economic plan, resources and skills make it an attractive destination for trade and investment from across the world. Our role in this is to put UK funds – including pension savings – to work here, so UK savers benefit from UK prosperity.”  

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