English Cities Fund to double in size with £200m investment
The English Cities Fund (ECF) is set to double its investment to £200m.
With an initial investment of £100m, the ECF is on track to deliver five schemes with a combined value of £1.6bn.
It will now double its output to £200m as it targets more complex, larger and longer term regeneration projects to unlock the potential of England’s cities and towns.
The ECF is a development partnership between professional services firm Legal & General, developer Muse Developments and the Government’s Homes England
It will seek new agreements with councils, regional authorities and other public sector bodies to deliver transformative mixed-use, residential-led schemes, primarily with a gross development value of more than £100m.
Since 2001, the fund has delivered 850,000 sq ft of office, retail and leisure space, created around 5,000 jobs and built 1,300 homes.
Sir Michael Lyons, chair of the English Cities Fund, commented: “Our cities and towns are the engines of our economy and our cultural and social lives. We must continue to reinvent them in bold and imaginative ways.
“We want to partner with ambitious local authorities and other public bodies who want to attract investment, build homes and support enterprise. Together we can create exceptional places.”
He continued: “We’re a unique partnership. In bringing together Homes England, Legal & General and Muse, we are demonstrating the combined potential of public and private sector regeneration expertise. We’ve shown over 17 years that it’s possible to commit for the long-term while still delivering at pace. It’s an approach that’s allowed us to see potential where others may not and to transform even the most complex sites.
“As we double the fund, we’re enthusiastic about the opportunities to deliver urban developments which show real imagination and unlock value for our partners and their communities.”