“ECF: Transforming Urban Areas and Creating Exceptional New Places Through Long-Term Partnerships”

The unique partnership between Homes England, Legal & General, and Muse, known as ECF, continues to make waves in the world of urban regeneration and housing delivery. With over 20 years of collaboration, the partners have injected an additional £100m of equity to expand the fund to £400m, allowing for even greater transformational change in areas that are in need of revitalization.

ECF’s mission is to drive regeneration and housing delivery to create high-quality urban environments that reflect the priorities of local communities. By 2036, ECF aims to deliver more than 1m sq. ft of commercial space, 17,000 new homes, and additional social infrastructure to support health and wellbeing. The partnership focuses on place-based impact and investing in opportunities that deliver risk-adjusted returns alongside positive social and environmental outcomes.

Since its inception in 2001, ECF has completed five mixed-use regeneration projects across England, delivering 2,150 homes, 1,150,000 sq. ft of office, retail, and leisure space, and creating over 8,000 jobs. The fund has also been instrumental in developing innovative projects such as the largest Passivhaus-certified affordable housing project in the Northwest and the pioneering Eden building in Salford, which boasts Europe’s largest living wall.

Sir Michael Lyons, Chair of ECF, emphasized the fund’s long-term view, sustainable change, and close collaboration with local partners to bring about transformative regeneration. The expansion of ECF will allow for investments in new towns and cities, furthering the fund’s impact across the country.

Peter Denton, Chief Executive of Homes England, praised ECF’s track record of delivering transformational places in areas that need it the most. The additional capital injection will support ECF’s strong project pipeline and create vibrant new places, jobs, homes, and opportunities across the country.

Laura Mason, Chief Executive Officer of Legal & General Capital, highlighted the partnership’s ability to deliver long-term, secure income streams that address major societal issues. With an increased appetite from purpose-driven investors, the partnership between Homes England, Legal & General, and Muse is seen as an attractive opportunity for those looking to drive returns alongside positive impact.

Bill Hughes, Global Head of LGIM Real Assets, and Phil Mayall, Managing Director at Muse, also expressed their pride in ECF’s success and commitment to delivering impactful and sustainable regeneration projects. The expansion of ECF will enable the team to have an even greater impact on places and communities, working with new and existing partners to deliver genuine social value.

Overall, ECF’s unique partnership and commitment to creating exceptional new places through urban regeneration and housing delivery continue to make a significant impact on communities across England.