The redeveloped stand, which is on the south side of Headingley Cricket Stadium and is north stand of the adjacent rugby stadium, will be let to Leeds City Council on a 42-year lease, and under-let to the cricket and rugby clubs jointly.
Legal & General is financing the £35m redevelopment on behalf of Legal & General Retirement, which invests in long-term assets that generate income streams for pension funds.
Headingley is the home of Yorkshire County Cricket Club, Yorkshire Carnegie Rugby Union Football Club and Leeds Rhinos Rugby League Club. The capacity of the cricket ground will increase from 17,000 to 20,000 in the redevelopment.
Pete Gladwell, head of public sector partnerships at LGIM Real Assets, said: “When institutions such as Legal & General were created in the early 1800s we were the original crowd-funding platforms; investing society’s capital for society’s benefit. This investment is the latest example of our rediscovering that ethos, investing at pace in the social fabric of Yorkshire, as part of a wider partnership with a proactive and collaborative local authority.
“This investment is in line with our desire to transform and reshape Britain’s landscape by improving and better utilising our existing infrastructure. There is significant economic benefit that maintaining ‘Test’ status for Headingley will bring to the city and the wider region, which makes this redevelopment another important investment in the city, improving wellbeing and contributing to the growth of the local economy.”
Leeds City Council leader Judith Blake said: “We were determined to find to a way to ensure that top-class sport could continue to be played at Headingley through the redevelopment of the stadium. I am delighted to say that in Legal & General we met an organisation who very much shared this ambition.”