Legal & General is close to signing two further deals that will take the gross development value of projects backed under its partnership with the government’s Regeneration Investment Organisation to more than £1bn.
L&G announced last year that it would invest £15bn in UK infrastructure. It said in January it would work with RIO, part of inward investment body UKTI, to co-invest £1.5bn in UK regeneration projects. It made its first investment in projects in the RIO pipeline when it paid £250m for a half share in MediaCityUK in March.
The news emerged as the prime minister led a RIO/UKTI tour of Singapore and Malaysia, showcasing investment opportunities in the UK’s “northern powerhouse”.
Speaking in Singapore, David Cameron called for investors to put housing and infrastructure at the centre of their plans.
“Investors should look at Britain in a new way,” he said. “Look again at the north of England. Look at housing opportunities, look at retail opportunities, look at investment opportunities. We want to rebalance our economy and we want Singapore investors to help us do that.”
RIO chairman Sir Michael Bear said the PM’s presence had helped progress discussions on projects identified by RIO in its £100bn pipeline, £20bn of which are in the northern powerhouse region.
BNP Paribas Real Estate UK chief executive John Slade and Legal & General Investment Management head of real assets Bill Hughes attended the investor meetings.
KPMG chairman of real estate Stephen Barter and regional developers Urban Splash and Scarborough Group were also among 60 businesses on the trip.
Leeds city council leader Judith Blake said: “There is an appetite for investment and an ability to mobilise funds which is in contrast to the climate for property investment in the UK, which can be challenging, especially for schemes that don’t have a prelet.”
Hughes added: “There has been a lot of engagement with the UK as an investment destination and there is a need to promote awareness of cities outside London, where there are some very attractive pricing opportunities.”
Offshore-owned property unshelled
The Land Registry is to publish data this autumn showing which foreign companies own which land and property titles in England and Wales.
The measure was announced by prime minster David Cameron during his tour of south-east Asia as part of a bid to clamp down on money laundering through shell companies.
Around 100,000 titles, covering £122bn of property, will be made public as part of the process.
