How will ordinary people benefit from the massive cash bonus in the West Midlands because it ‘changes their lives’?

A senior CEO of Legal & General Group says it has an investment of £ 4 billion. West Midlands It will change the lives of local people. Andrew Kyle, who heads L&G’s Retirement Institutional Division, said the focus of the seven-year investment will be housing.

Speaking at Gardeners World Live last week, where L&G was the sponsor, Mr Kyle outlined his vision for how the locals on the ground would experience the bn 4bn deal. “For the locals, I think it’s great,” he said.

“It is a change in many ways. The quality of life of those who will be living in the homes we develop in the future must be greatly changed.

Read more: Pension Group to invest £ 4bn in housing and jobs in West Midlands

“If you think about job creation, such schemes are created, hopefully they will go to local workers and create jobs. Our schemes are usually about work, leisure and play. Yes, that’s right you can now become known as a Lord of the Rings, Lord of the Rings, Lord of the Rings, Lord of the Rings, Lord of the Rings.

Announced by West Midlands Mayor Andy Street And L&G Group CEO Sir Nigel Wilson said last month (May 2022) that funding would go to major projects across the region. Urban regeneration, especially housing, is at the heart of the projects.

Last week’s Gardeners at Legal and General NEC were sponsors of the World Live event.

“I think it’s really interesting,” Mr Kyle continued. “Housing is at the heart of the scheme. If you look at where the investment will go, it’s really about working with the local authority to see if it’s going to build more houses across the region, especially affordable housing.” Do it. “

The first project to receive funding will be The Junction in. Oldbury , A Brownfield site that has been unused for 20 years. Of West Midlands Combined Authority He said it would provide 234 energy-saving homes, of which “about 50 per cent” would be affordable.

The agreement will fund development that provides at least 20% affordable housing and will also use the ‘Brownfield First’ method to recreate abandoned land throughout the region.

Asked what it was about the West Midlands that attracted the investment, Mr Kyle said: “Birmingham is a great city. It’s an incredible powerhouse of the city. We’ve seen it in recent years. Many large corporations move to the West Midlands to build cultural heritage, so it’s very clear, but also interesting, that we would like to expand our presence in the region.

“From L&G’s point of view, urban regeneration is really fundamental to what we do. We have a saying that cities are not very developed, they are at least demolished. Lots of old buildings and There are brownfield sites that have passed their sales dates.

The £ 4 billion mentioned in the scheme will come from L&G pension schemes and is the first major. To equalize The agreement came after the government’s white paper was prepared in February. Cash is then invested in long-term assets such as property and real estate, which ultimately generates commercial profits for the group and its shareholders.

Mr Kyle said: “It’s important for us to make that profit because we have to reinvest in future projects. So it’s not just about expanding the West Midlands, it’s expanding L&G.

“It’s great to see that money works in a way that wins, and it’s great to see schemes grow over time. The projects are interesting and the investment is huge, but when you really move around the buildings. There are and talk to people, compare and contrast, so you are really proud. “

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