Press releases

Legal & General commits £100m to Sunderland regeneration

Proposed as a new core business district, Legal & General’s investment, which forms part of the wider ‘Riverside Sunderland’ project, is supporting the creation of up to 3,000 new jobs.

21 Nov 2019

Press release (PDF 85KB)

Sunderland is home to over 5,500 businesses, including 80 internationally owned corporations, employing more than 100,000 people. Despite this, there has been a lack of development of Grade A office space and good quality stock within the city centre has been limited. Sunderland, therefore, is a key target for Legal & General as it looks to support the transformation of a city which has seen significant under investment for the past twenty years.

Legal & General is uniquely placed to invest pension money into the UK economy. Across the UK, it has invested over £22bn into direct investments such as urban regeneration, clean energy and transport infrastructure. This can help support its long-term commitments whilst driving extraordinary social outcomes by creating real jobs, high quality and varied housing and better infrastructure.This, in turn, boosts productivity and delivers vibrant communities in which people can live longer, healthier and happier lives.

Patrick Melia, Chief Executive of Sunderland City Council: "Today’s announcement is the single most significant investment story to come out of Sunderland for decades. We are absolutely delighted that the vision we have created for this city is attracting the enthusiasm, support and most importantly the financial backing of Legal & General, one of the world’s most significant investors..."