Partnership fund doubles in size to £400m for regeneration projects

The English Cities Fund (ECF) has expanded its development capacity to £400m, to fuel change in areas requiring regeneration.

An addition £100m of equity has been matched by £100m of debt for the joint venture between Homes England, Legal & General and Muse.

ECF has recently been appointed to Wolverhampton’s largest regeneration opportunity City Centre West, with £50m plans to deliver 1,000 homes alongside leisure, retail and public spaces, as well as a 600 space car park. 

By 2036, the partners anticipate to have developed more than 1m sq ft of commercial space for educational purposes, constructing 17,000 new homes, and boosting social infrastructure to promote health and well-being.

The fund prioritises place-based impact, aiming for risk-adjusted returns while fostering positive social and environmental outcomes.

Since its inception in 2001, the fund has completed five mixed-use regeneration projects worth £1.2bn across Liverpool, London, Plymouth, Salford, and Wakefield.

These projects have delivered 2,150 homes, along with substantial office, retail, and leisure spaces, generating more than 8,000 jobs.

Sir Michael Lyons, Chair of ECF, said: “ECF has had a real impact on cities such as Salford, Liverpool, London and Plymouth. We have changed the places in which we have invested. We have provided homes, jobs, workspace and a new public realm. We always take a long-term view, emphasise sustainable change and work closely with local partners, sharing risks and rewards where that is possible.

“With this further expansion, we will be able to invest in new towns and cities and will continue to bring our unique mix of policy expertise, long-term investment and development capability to support their communities.”