The City of London council and its friends like to put a positive spin on negative news. We’ve already explained why the unwanted Culture Mile is toxic but the Legal & General Investment Management (LGIM) have just lent £125m to the City for use on projects including the plan of relocating the Museum of London – so that its current site can be freed up for the unwelcome corporate junket orientated Centre For Music. This will have the effect of killing off community culture and replacing it with a dead corporate culture that can be imposed from above. What would give the community and its cultures in the north-west of the City a shot in the arm is building more social housing, since this would take financial pressure off local people, rather than those who aren’t rich being forced to move away from the area due to the absurd cost of housing, which is exactly the effect bland tourist traps like the Culture Mile are designed to accomplish. The City of London has failed spectacularly on its promises to build more housing. Steve Bolton of LGIM describes the Culture Mile and related projects as ‘regeneration’ but we’ve heard that one before – what this really means is the marginalisation and social exclusion of anyone who isn’t rich. Here’s Bolton’s Halloween message as reported in one branch of the corporate media:
Legal & General Investment Management’s real asset arm has provided £125m (€145m) project funding to the City of London Corporation.
LGIM Real Assets said the long-term financing to the governing body of the Square Mile London, which is home to much of the UK’s financial services sector, was issued via a green and sustainable financing framework.
The Square Mile is home to approximately 24,000 businesses, attracting over half a million workers daily and over 10m tourists annually.
The City Corporation will use the investment from Legal & General to fund a number of major capital projects, which include plans to consolidate three wholesale food markets and relocate the Museum of London.
Steve Bolton, investment manager at LGIM Real Assets, said: “This is an excellent opportunity for us to invest our annuity funds into the UK economy, and support the regeneration of key locations in the City and beyond.
“This transaction further demonstrates our support of organisations that play a key role in their communities.”
Jeremy Mayhew, chairman of the City Corporation’s finance committee, said: “We are pleased to have secured this funding with Legal & General.
”It is a prudent means of financing our major projects, allowing us to invest with confidence for the future, and to create a legacy for London.”
Beyond the Square Mile, the City Corporation is the UK’s fourth-biggest funder of heritage and cultural causes, investing over £100m every year. It also looks after 11,000 acres of green space, including Hampstead Heath and Epping Forest.
L&G invests £125m in City of London Corporation projects by IPE staff, Real Assets Investment Pensions Europe, 31 October 2019: https://web.archive.org/web/20191031205932/https://realassets.ipe.com/news/lg-invests-125m-in-city-of-london-corporation-projects/realassets.ipe.com/news/lg-invests-125m-in-city-of-london-corporation-projects/10034244.fullarticle