Legal & General has thrown its support behind the Sunderland City Council plans with a £100 million commitment.
The property group is investing money in the area as part of its wider 'Riverside Sunderland' project, supporting the creation of up to 3,000 new jobs. This will address the lack of development of Grade A office space and good quality stock within the city centre.
Legal & General is uniquely placed to invest pension money into the UK economy. Across the UK, it has invested over £22bn into direct investments such as urban regeneration, clean energy and transport infrastructure.
With its £100m investment, the company aims to deliver three new commercial buildings, comprising up to 300,000 sq ft of Grade A office space including the new Sunderland City Hall.
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Nigel Wilson, CEO of Legal & General, said: "Sunderland City Council has drawn up a visionary plan for Sunderland; a City ripe for economic growth, having historically lagged behind its Northern neighbours. As seen with our other Future Cities investments in areas such as Oxford, Leeds, Bristol, Newcastle and Cardiff, a long term patient capital injection can completely transform towns and cities. This can have a direct social impact, creating real jobs and supporting real wage increases, whilst creating a virtuous circle by generating income to pay pensioners. This is Inclusive Capitalism at its best. We hope our investment today will accelerate regeneration plans for Sunderland, attracting further capital to support the vast potential of this city."
Patrick Melia, Chief Executive of Sunderland City Council, added: "Today's announcement is the single most significant investment story to come out of Sunderland for decades. We are absolutely delighted that the vision we have created for this city is attracting the enthusiasm, support and most importantly the financial backing of Legal & General, one of the world's most significant investors. Sunderland has been something of a sleeping giant, but it has awoken, and we're absolutely determined to ensure this city realises every bit of its vast potential."
(CM/JG)
