The capital behind the regeneration and housing joint venture has now doubled to £400m

Homes England, Legal & General, and Muse have doubled the size of the ECF (formerly English Cities Fund) by injecting an additional £100m of equity from partners, matched by an additional £100m of debt.

ECF Manor Road Quarter Phase 2 - CGI 5

ECF’s regeneration scheme at Manor Road Quarter, Canning Town

The aim of growing the partnership to £400m is “to deliver transformational change in areas that need it most”.

Housing Today reported last year that ECF would likely significantly expand its output based on discussions with the chair of the fund, Sir Michael Lyons, last year.

After signing a deal with Bradford Council for a 1,000-home redevelopment of a large city centre site in May 2023, Lyons said the ECF had several such deals in the pipeline and was now looking to go beyond the 6,500-home target.

>> See also: Stockport town centre plans could see 1,200 homes built under grade II*-listed viaduct

>> See also: English Cities Fund set to expand beyond 6,500-home target

ECF was formed in 2001, with an initial investment of £100 million to boost priority regeneration areas.

By 2036, ECF is expected to deliver 17,000 new homes and more than 1m sq. ft of commercial space.

Since 2001, ECF has completed five mixed-use regeneration projects across England, including locations in Liverpool, London, Plymouth, Salford, and Wakefield. These projects are collectively worth £1.2bn.

It has delivered 2,150 homes, along with 1.15 million sq. ft of office, retail, and leisure space, and created over 8,000 jobs.

Regarding the additional £200m in funding, Lyons 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.

He added: “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.”

Laura Mason, chief executive officer, Legal & General Capital, said: “This additional injection of capital allows ECF to expand at pace as it continues to deliver strong returns and positive impact. The partnership between Homes England, Legal & General and Muse benefits from deep sector knowledge and access to a unique pipeline of assets which deliver investment opportunities that create long-term, secure income streams that tackle some of the major social, environmental and economic issues facing society.”