New venture 'to revive deprived area around HS2 rail link stations'
The Transport Secretary Patrick McLoughlin is considering whether to pour hundreds of millions of taxpayers' money into a company that would build thousands of homes around stations on the High Speed Two railway line.
HS2 Ltd, the agency charged with overseeing the £50bn rail proposal, will go into partnership with London & Continental Railways (LCR), which built the Channel Tunnel rail link, known as HS1. The Treasury minister Lord Deighton has recommended that LCR, which is now largely a property company, help to regenerate deprived areas around HS2 stations.
Details of the venture, currently dubbed Regenco, and how it would be structured was given to Mr McLoughlin at the end of June. He is expected to approve the idea by the end of the month.
It is understood that Regenco would need a budget of up to £800m, some of which could be funded from LCR's existing property deals on other disused railway land.
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