News

ECF equity injection takes firepower to £400m

News

Akanksha Soni

27 February 2024

Investment/finance, Residential

England

A £200m debt and equity injection has boosted ECF’s firepower to £400m.

ECF, a partnership between Homes England, Legal & General and Muse, has secured £100m of fresh equity, which will be matched with £100m of debt.

Homes England chief executive Peter Denton said the new funding would support ECF’s “strong project pipeline”, enabling it to create “vibrant new places, jobs, homes and opportunities across the country.”

ECF, which was launched in 2001 with a £100m of investment, has plans to deliver more than 1m sq ft of commercial space and 17,000 homes by 2036.

Legal & General Capital chief executive Laura Mason said: “This additional injection of capital allows ECF to expand at pace as it continues to deliver strong returns and positive impact.

“With an increased appetite from other purpose-driven investors looking to access opportunities that drive returns, alongside impact, we recognise that this is an attractive partnership.”

Since its first investment in 2001, ECF has completed five mixed-use regeneration projects across England valued at £1.2bn, has delivered more than 2,000 homes and 1.1m sq ft of commercial development and developed plans for a major innovation district at Salford Crescent with the council and University of Salford.

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.”

ECF said the new funding would allow it to have a a faster and greater impact across new locations, alongside existing place-based partnerships – Salford Crescent, Manor Road Quarter in Canning Town, Stockport 8 and St Helens in Merseyside.

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ECF

A £200m debt and equity injection has boosted ECF’s firepower to £400m. ECF, a partnership between Homes England, Legal & General and Muse, has secured £100m of fresh equity, which will be matched with £100m of debt. Homes England chief executive Peter Denton said the new funding would support ECF’s “strong project pipeline”, enabling it to create “vibrant new places, jobs, homes and opportunities across the country.” ECF, which was launched in 2001 with a £100m of investment, has plans to deliver more than 1m sq ft of commercial space and 17,000 homes by 2036. Legal & General Capital chief executive Laura Mason said: “This additional injection of capital allows ECF to expand at pace as it continues to deliver strong returns and positive impact. “With an increased appetite from other purpose-driven investors looking to access opportunities that drive returns, alongside impact, we recognise that this is an attractive partnership.” Since its first investment in 2001, ECF has completed five mixed-use regeneration projects across England valued at £1.2bn, has delivered more than 2,000 homes and 1.1m sq ft of commercial development and developed plans for a major innovation district at Salford Crescent with the council and University of Salford. 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.”ECF said the new funding would allow it to have a a faster and greater impact across new locations, alongside existing place-based partnerships – Salford Crescent, Manor Road Quarter in Canning Town, Stockport 8 and St Helens in Merseyside.