West Midlands region to receive multi-billion-pound investment by Legal & General
It is hoped the seven-year investment will help the West Midlands ‘Level-up’
The West Midlands region will receive a multi-billion-pound investment by the firm Legal & General (L&G) the company has announced.
Andy Street the West Midlands Combined Authority (WMCA) Mayor and Sir Nigel Wilson, the CEO for L&G signed a partnership agreement today with L&G committing to invest £4bn in regeneration, housing and levelling up across the West Midlands.
The investment forms part of the WMCA commitment to ‘level-up’ the region by creating jobs and affordable housing.
In addition, the agreement will support the region’s target to deliver 215,000 new homes by 2031.
Furthermore, the agreement pledges to invest in “climate-friendly” projects to meet the WMCA’s net zero target. The West Midlands has committed to becoming a net zero carbon economy by 2041.
L&G manages £1.4 trillion
The West Midlands Combined Authority has partnered with the UK’s leading investment firm.
Legal & General (L&G) is the UK’s largest asset manager and currently has £1.4 trillion under management. L&G has already invested over £2bn in the West Midlands, including the £210m Birmingham Health Innovation Campus and multiple housing projects.
The Mayor of the West Midlands, Andy Street said of the partnership: “The unveiling of this £4 billion partnership agreement with L&G is a prime example of how the West Midlands is getting on and delivering Levelling Up. 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.”
Sir Nigel Wilson, CEO of L&G, added: “We have been investing across the UK in partnership with cities and universities for a decade. It’s part of our ‘Inclusive Capitalism’ approach and has delivered terrific economic and social results. With Andy and his colleagues as ambitious partners at WMCA, we can take this to a new level.