Andy Street, the mayor of West Midlands Combined Authority (WMCA) has signed a partnership agreement with Legal & General’s (L&G) CEO, Sir Nigel Wilson, that will deliver regeneration, housing and levelling up across the West Midlands.
The agreement is L&G’s first with a combined authority, and will see the company invest £4 billion in a seven-year programme that builds on the region’s 2022 investment prospectus.
WMCA wants to create vibrant, dynamic communities in the region which will offer people attractive environments and enhance the West Midlands as a driver of UK economic growth. Since 2018, WMCA has signed similar agreements with organisations such as Lovell and St Modwen.
The programme has a clear focus on levelling up, net zero, brownfield regeneration, affordable housing, inclusive growth and devolved powers to deliver on issues from land assembly to infrastructure, both physical and digital.
The plan will create new commercial developments, but will also heavily feature climate-friendly projects, local communities, and social and affordable housing. The latter will Include build-to-sell and build-to-rent projects, to provide high-quality homes across a range of tenures.
This will support the region’s target of 215,000 new homes by 2031, as set out in the housing deal WMCA struck with the government in 2018.