Legal & General has made seven-year multi-billion-pound commitment to regeneration projects in the West Midlands.
The pensions and insurance firm said it will commit £4 billion to housing of all tenures, including social and modular; commercial property and urban regeneration across multiple sites in the UK region.
L&G will work in partnership with the West Midlands Combined Authority to deliver the projects. The West Midlands region has a population of 5.7 million and includes Birmingham (pictured above), the UK's second largest city.
Nigel Wilson, CEO at Legal & General, says: "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.
“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.”
The first scheme will be The Junction, a brownfield site in the town of Oldbury which has lain empty for over 20 years. The development will deliver 234 energy efficient new homes of which nearly half will be affordable housing.