The capital was provided via equity from the partners, matched by an equal amount in debt. Credit: Legal & General Group.

The English Cities Fund (ECF), a public-private partnership between Homes England, Legal & General, and Muse, has announced an expansion in its capacity to £400m ($506.35m).

It has received an infusion of £100m in equity from the partners, matched by an equal amount in debt.

The move is set to accelerate transformative urban regeneration in the UK.

The ECF combines Homes England’s drive for affordable housing, Legal & General’s real estate and infrastructure investment expertise, and Muse’s urban regeneration knowledge.

Homes England CEO Peter Denton said: “This expansion will support ECF’s strong project pipeline, continuing the work of this longstanding partnership and creating vibrant new places, jobs, homes and opportunities across the country.”

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By 2036, the ECF aims to deliver more than one million square feet of commercial space, 17,000 new homes, and enhanced social infrastructure to promote health and well-being within the country.

With this additional capital, the ECF intends to have a faster impact on new locations, building on its existing partnerships in places such as Salford Crescent and St Helens, Merseyside.

ECF chair Michael Lyons said: “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.”

The fund prioritises place-based impact and seeks opportunities that offer risk-adjusted returns, as well as positive social and environmental outcomes.

Since its first project in Liverpool, the ECF has completed five mixed-use regeneration projects worth a total of £1.2bn, creating more than 8,000 jobs.