Legal & General form JV with Scarborough Group for 200-acre scheme in east Leeds
Legal & General has agreed to invest £162m to kickstart the second phase of the 200-acre Thorpe Park regeneration scheme in Leeds
L&G will take a 50% stake in the scheme, which will deliver a mixed-use development including 7,000 homes. L&G has entered into a joint venture with Scarborough Group International to deliver the second phase.
The project will be built over a five-year period. The development will also see the construction of the first section of the East Leeds Orbital Road.
The partnership is the first under L&G’s Regeneration Investment Organisation (RIO), which plans to co-invest £15bn into projects alongside capital from other institutions and overseas investors for UK regeneration projects.
Simon Marshall, senior executive at Scarborough Group, said: “This new partnership with Legal & General will be transformational for the delivery of Thorpe Park and is testament to the quality and potential of this marketleading regeneration project. We believe that this scheme is a once-in-a-generation opportunity for East Leeds.
“In partnership with Legal & General and with the Council’s on-going support, we are confident that we can create a truly unique and forward thinking mixed-use community that will contribute hugely to the economic prosperity of the area, creating new jobs, homes and facilities for East Leeds.”
Laura Mason, director of direct investments at Legal & General Capital, said: “Leeds has done an outstanding job in completing the first RIO deal with L&G. This major development will help bring the ‘Northern Powerhouse’ to life, supporting the wider Leeds economy and acting as a major catalyst for further investment in the UK’s cities and regions.”