L&G pumps £400m into Cardiff Central Square scheme
Ambitious plans to regenerate Cardiff’s central railway station area have received a major boost after Legal & General revealed it is investing £400m in the 1m sq ft scheme.
The prime 12-acre mixed-use city centre regeneration scheme known as Central Square was designed by Foster + Partners for Cardiff-based developer, Rightacres.
The deal struck between the property investment arm of L&G and developer Rightacres Property is the biggest property deal ever seen in Wales.
L&G gets stake in
Chancellor of the Exchequer, George Osborne welcomed the regional property deal.
He said: “Today we see a major vote of confidence in the Welsh economy with a new partnership between Legal & General and Rightacres.
The £400m regeneration project, which will be delivered through this partnershi, is fantastic news for working people across Wales and will help transform Cardiff’s city centre creating 10,000 new jobs.”
L&G has committed £1.5bn to co-investing of its core capital beyond London. The deal is the second project to be delivered through L&G’s Regeneration Investment Organisation partnership.
Last month L&G has backed a £400m regeneration scheme in East Leeds which it will develop in partnership with Scarborough Group, delivering 13,000 local jobs while unlocking the potential creation of 7,000 new homes.
Aaron Morby | Tue 22nd September | Construction Enquirer