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L&G signs deal on largest privately funded build-to-rent development in Wales
Legal & General (L&G) has exchanged contracts to complete a £400m regeneration project in Cardiff – the largest privately funded development in Wales.
Comprising of 318 build-to-rent apartments, 100,000 sq ft of office space and a new bus station, the final part of the Cardiff Central Square project will be built in partnership with the Welsh government and Rightacres Property.
L&G is using UK pension money to invest in cities and towns, and has currently invested over £19bn into UK direct investments such as homes, urban regeneration, clean energy and transport infrastructure.
It is currently also investing £400m into redeveloping a five acre site in Bath Quays, and delivering 868 build-to-rent Homes in Bristol, Bath and Cardiff.
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Kerrigan Procter, chief executive of Legal & General Capital, said: “Legal & General’s activity across the South West and Wales demonstrates how our varied capital streams can be put to work to create real high-quality assets which have a significant long-term socio-economic impact in the region.
“Cardiff Central Square is a prime example of how we are creating assets for Legal & General Retirement to back pension risk transfer deals and that can form part of LGIM [L&G Investment Management]-managed funds, while delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best.”
Huw Thomas, leader of Cardiff Council, said: “The building of a new bus interchange has been a number one priority for the council since day one of this administration, reflecting our commitment to delivering more and better jobs for the people of Cardiff and beyond.
“This will be the final stage of the completion of Central Square, which is the biggest regeneration project in Wales. The council’s original masterplan for this part of the city is now a reality, and we are delighted that through it thousands of jobs are being created in the Welsh capital.”
