A £211m property deal
could mean tens of thousands of jobs for the Leeds
area, a report in the local press says.
L&G has bought 7-8
Wellington Place from Hermes Investment Management and Canada Pension Plan
Investment Board (CPPIB) in a deal said to be the city’s biggest ever office
Legal & General
Retirement will forward-fund the 377,730 sq ft project which is being developed
by MEPC. Hermes and CPPIB will still own the rest of the wider Wellington Place
estate which will total 1.5m sq ft of commercial, retail, leisure and
residential space and include one of the new Government hubs.
The Yorkshire Post reports
that Gordon Aitchison, director of investment and development at L&G’s
investment management arm LGIM Real Assets, said: “As the second-largest
financial hub outside of London, with a strong
and growing workforce, our investment in Leeds
will have a meaningful impact on the region, providing quality office space and
creating tens of thousands of jobs.”
Tens of thousands of jobs from one investment, no matter how large, is an ambitious claim to make. However there are other ambitious plans in hand for the Leeds property market including the South Bank scheme which could double the size of the city centre. So it is by no means unlikely that the city will become even more of an employment hotspot in future.