L&G commits £2 billion to 10,000 social and affordable homes

Legal & General (L&G) has committed £2 billion to deliver 10,000 new social and affordable homes by 2030 as well as infrastructure and urban regeneration projects.

The financial services giant said its “impact investment” would drive regional growth across the UK, also creating around 24,000 jobs.

The investment programme, building on L&G’s long experience of working in partnership with the public sector, is set to enable local and combined authorities to pursue local economic growth and respond to local needs, including affordable housing, infrastructure and regeneration.

“Funds will be allocated based on local needs and demand, ensuring that every project supports L&G’s dual purpose of delivering both financial returns and positive societal outcomes,” the business said. It will use pension funds alongside public funding, supporting the government’s ambition for regional growth, it added.

L&G also said that its initiative reflected its status as a signatory to the Mansion House Accord, demonstrating how pension capital can be channelled through funds, including L&G’s Private Markets Access Fund – presently totalling more than £2 billion - to power long term economic growth in the UK.

The organisation has built up place-based investment in product assets across the country, including in …