Greater Birmingham boost as Legal & General launches £15bn regen vehicle
Region is poised to tap into new cash pot which will benefit projects such as housing and infrastructure. A new regeneration fund potentially worth £15 billion has been announced with Birmingham and the surrounding areas a target for investors.
Legal & General is allocating £1.5 billion to the vehicle, which will target projects such as housing and infrastructure, and will work alongside investment partners in a bid to secure further external funding of up to £15 billion.
The news was unveiled at an event in Downing Street yesterday where more than 30 major UK and international institutional investors learned about greater Birmingham’s potential at the Government’s inaugural ‘Investment into Cities’ seminar.
A delegation of civic and business leaders discussed the scale and variety of schemes immediately available to investors here – a region which attracted more foreign direct investment projects than any other last year.
The presentation concentrated on schemes including Icknield Port Loop and UK Central as well as the Snow Hill and Southern Gateway areas of the city.
It was chaired by Commercial Secretary to the Treasury Lord Deighton and addressed by Minister for Cities Greg Clark. Representatives from Bristol and Leeds also took part.
The Greater Birmingham team comprised Andy Street, chairman of the Greater Birmingham & Solihull Local Enterprise Partnership, city council leader Sir Albert Bore, Marketing Birmingham chief executive Neil Rami and Waheed Nazir, director of planning and regeneration at Birmingham City Council.
Sir Albert said: “Birmingham is emerging as a global investment destination. The city is one of Europe’s brightest property hotspots and has some of the biggest investment opportunities anywhere in Britain.
“We have already proved that Birmingham can deliver world-class property and infrastructure projects. People and businesses are flocking here. We are Britain’s capital of enterprise and innovation.
“And we are at the centre of the world’s biggest high speed rail project, HS2, which is a magnet for investment.
“The announcement demonstrates the growing confidence of investors such as Legal & General in regional cities like Birmingham.”