WMCA signs £4bn investment agreement with L&G
0Asset management company Legal & General (L&G) has agreed with the West Midlands Combined Authority (WMCA) to invest £4bn in regeneration, housing and levelling up in the area.
The seven-year deal, announced today (18 May), will see L&G fund commercial development, building on the WMCA’s 2022 Investment Prospectus.
The programme was launched in March 2022 to provide possible development opportunities in the region as part of ambitions for a net-zero future and to drive economic growth.
Mayor of the West Midlands 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.”
Alongside investment into major projects, L&G will contribute to climate-friendly projects, local communities, and support the region’s target to deliver 215,000 new homes by 2031.
WMCA portfolio holder for housing and land, Cllr Mike Bird, added: “The level of investment that L&G has set out will be an incredible shot in the arm for the West Midlands as we continue our recovery, helping to bring sustainable economic growth that benefits all our communities and supports our ambition to be a net-zero region by 2041.”
L&G, which claims to be the UK’s largest investor with total assets under management of £1.4trn, has already invested £2bn into the area and over £30bn in regeneration in UK towns and cities outside London.
CEO of L&G, 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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