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ECF increases to boost regeneration across England
The ECF, formerly known as the English Cities Fund has increased to £400 million in an attempt to support and unlock the potential of towns and cities across England.
ECG is a partnership between Homes England, Legal & General and Muse. It has been expanded with the injection of an additional £100m of equity from the partners, to be matched by an additional £100m of debt.
It was first created in 2001 with £100m of investment to boost priority regeneration areas.
By 2036 the fund is expected to deliver more than 1m sq. ft of commercial space to support education, 17,000 new homes, and additional social infrastructure to support health and wellbeing.
Since its first investment in Liverpool in 2001 ECF has completed five mixed-use regeneration projects across England (Liverpool, London, Plymouth, Salford, and Wakefield) worth £1.2bn and delivered 2,150 homes in new neighbourhoods, along with 1,150,000 sq. ft of office, retail, and leisure space, and created over 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 really changed the places in which we have invested. We have provided homes, jobs, work space and 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.
Peter Denton, Chief Executive of Homes England, said: "Spanning two decades, the English Cities Fund has a track record of delivering truly transformational places in areas that need it the most.
"This expansion will support ECF’s strong project pipeline, continuing the work of this long-standing partnership and creating vibrant new places, jobs, homes and opportunities across the country."
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