Co-investment – L&G, MediaCityUK / Sleaford Renewable Energy Plant, Border to Coast Pension Partnership

Legal & General Capital has been a pioneer in place-based investing and successfully used joint ventures as a means to invest locally across all PBII pillars.

One example is its investment in the development of Media City at Salford Quays in Manchester. This investment was done through a 50:50 joint venture with Peel Group, an experienced local development and investment company. This regeneration project included affordable housing, office space including for SMEs, education facilities and transport infrastructure.

The site which officially opened in 2012 has established itself as an international hub for technology, creativity and innovation, and is home to over 7,000 residents, students and workers as well as over 250 businesses including BBC, ITV and University of Salford. The site was the first development in the world to acquire BREEAM Sustainable Community status.

MediaCityUK is currently in its second phase of development and has since attracted investment from Greater Manchester Pension Fund. Development of the area will continue to deliver high quality residential and commercial properties, sustainable infrastructure through extending tram and pedestrian connectivity, and rejuvenated public spaces.


In 2020, Border to Coast, one of the English pension pools, made a £40 million investment in a renewable energy plant in Lincolnshire, a facility located in the geographical area of the asset pool. This was Border to Coast’s first coinvestment and was made by the infrastructure team with the aim of securing a reliable and secure return, particularly from renewable energy. The partner is Greencoat Capital, a specialist investment manager dedicated to renewable energy infrastructure. The investment secures a minority stake in the plant which is owned by Greencoat Capital (acquired from Glenmont Partners Clean Energy Fund I in 2020) as part of the Greencoat Renewable Income fund. RMPI Railpen, the pension manager for the £30 billion Railways Pension Scheme is also a partner.

The plant uses both locally sourced straw, the majority from within a 30-mile radius, and sustainable woodchip to generate renewable power and heat. The plant has the capacity to generate electricity for 65,000 homes, saving 50,000 tonnes of CO2 per annum and provides 30 direct local jobs and a further 50 in the fuel supply chain.