Andy Street has announced that a deal has been done between WMCA and Legal & General, in which the latter will invest £4bn over the course of 7 years. Focus will be on unlocking sites for new commercial developments, build-to-sell and build-to-rent housing, and all with a significant focus at climate-friendly and innovative schemes.
The announcement follows the launch of the WMCA Public Land Charter, which sets out 10 key principles to bring forward land and regeneration opportunities in the region, targeting speed of delivery and effective partnering between the public and private sectors - again focusing on innovation in disposals and redevelopment.
This comes hot off the heel of the release of the West Midlands 2022 Investment Prospectus, showcased at MIPIM this year. With WMCA's approach looking at 'brownfield first', there are clear plans for significant regeneration across the region.
WMCA has clearly been listening to the market - developers and contractors have long been calling out for a dynamic and and consolidated approach to bringing schemes forward to market so that they can in turn afford to invest in innovation and delivering a better built environment; a key theme of the Construction Playbook.
West Midlands Combined Authority and Legal & General have signed a partnership deal that will see L&G invest £4bn in regeneration, housing and levelling up across the region. Andy Street, Mayor of the West Midlands and chair of the WMCA The landmark agreement signed by L&G chief executive Sir Nigel Wilson and Mayor, Andy Street, is the first with a combined authority, and sets out a commitment to a seven-year programme of investment. Alongside support for new commercial developments, the agreement envisages a major contribution by L&G into climate-friendly projects and build-to-sell and build-to-rent housing.