Legal & General are funding the redevelopment, which compromises revised stands on the south side of Headingley Cricket Stadium and the adjacent north stand of the Rugby Stadium, on behalf of Legal & General Retirement.
The stadium has a significant national heritage having hosted international sports for over 110 years, and continues to host Cricket Tests and International T20 matches, as well as rugby league internationals and is the home of Yorkshire County Cricket Club (YCCC), Yorkshire Carnegie Rugby Union and Leeds Rhinos Rugby League.
It is estimated that once complete the new stands will generate additional expenditure of over £107m in the Leeds economy by 2023.
Pete Gladwell, head of public sector partnerships at LGIM Real Assets, said: “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, contributing to the growth of the local economy.”
This latest deal brings Legal & General’s total investment into Leeds to over £600m, including basing its new modular housing factory in the city. L&G was advised by GVA.