Leeds Property Deal Could Mean Tens Of Thousands Of Jobs

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 investment.

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.

Source Yorkshire Post
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