Legal & General are continuing down the road of becoming a social landlord, as much as they are a general insurer. Here’s the latest property investment news;
Bruntwood SciTech, a partnership between Legal & General and Bruntwood, announces that it will partner with the University of Manchester to deliver ID (Innovation District) Manchester, a new £1.5bn innovation district across four million sq ft in the centre of the city.
As part of ambitious plans to make Manchester the heart of innovation in Europe and accelerate the dissemination of the world-leading research and development spinning out of the University, the mixed-use scheme will include offices, hotels and 1,300 homes, close to Piccadilly Station. The development will also include the largest public space in the city.
The scheme will operate as an exemplar in urban regeneration, setting new benchmarks for mixed-use, net-zero carbon development. Delivered over a 15-year period, ID Manchester will support the growth of the UK’s science and technology infrastructure, creating 10,000 full time jobs and facilitating the commercialisation of knowledge, ideas and innovation generated from one of the world’s leading universities.
ID Manchester will be designed to provide space for organisations of all sizes across a range of scientific sectors, with a particular focus on biomaterials, advanced materials, digital technology and health innovation, all research specialisms of the University of Manchester, nurturing the next generation of game-changing businesses and bringing huge economic benefits to Manchester and the UK.
ID Manchester forms Legal & General’s 9th significant urban regeneration scheme, having invested billions of pounds in partnerships with universities such as Oxford and Newcastle and Local Authorities in areas such as Cardiff, Salford and Sunderland. Legal & General is using its varied capital streams, from start-up funding to long-term UK pension money, to reshape the urban landscape; providing the significant investment needed to help cities adapt, change and innovate.