Combined authority inks $4.9 billion agreement with Legal & General

By Vinisha Joshi  | Date: 2022-05-20

Combined authority inks $4.9 billion agreement with Legal & General

The West Midlands Combined Authority (WMCA), the government office of the UK’s West Midlands metropolitan county, has reportedly signed a partnership deal with Legal & General (L&G), a UK-based financial services provider.

Under the landmark agreement, L&G would commit to invest over $4.9 billion (£4 billion) in housing, regeneration, and leveling up across the West Midlands region in England. This partnership, the first-ever of the financial services provider with a combined authority, also sets out a commitment to a seven-year program wherein L&G would invest in the metropolitan county.

For the uninitiated, L&G has already invested around $2.4 billion (£2 billion) in projects that come under the WMCA’s region, including the $261 million (£210 million) Birmingham Health Innovation Campus.

The first scheme under the latest partnership will be at a brownfield site in Oldbury, The Junction, which has been unoccupied for over 20 years. The scheme is targeted toward bringing back the site into economic use through L&G’s investment. This development will deliver 234 new energy-efficient homes, of which, around 50% will be for affordable housing.

As per the statement made by WMCA Chairman and mayor of the West Midlands, Andy Street, the recent $4.9 billion partnership with L&G highlights the continuing effort to deliver Levelling Up in the West Midlands. The investment will significantly help regenerate long-neglected areas, deliver affordable homes, and boost economic growth over the years ahead.

Sir Nigel Wilson, L&G’s Chief Executive Officer, stated that the financial services firm has been making noteworthy investments through partnership with universities and cities across the UK for a decade. This is in line with the ‘Inclusive Capitalism’ approach and has subsequently resulted in social and economic growth.

The West Midlands’ strategic economic plan, skills, and resources have made it an attractive destination for trade and investors from across the globe. It is targeting to put the pension savings and other UK funds to work to help savers leverage the benefit of the regional prosperity.

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Vinisha Joshi

Vinisha Joshi

As a qualified Engineering graduate, Vinisha Joshi takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like for Thisisourtownrichmond in addition to other platforms. Creativity comes naturally...

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