27 Aug 2019
Legal & General invests in largest regional pre-let in a decade with latest government hub deal
Legal & General announces that it has forward funded its 10th Government Hub in the centre of Leeds. This latest deal, which is funded by Legal & General Retirement, is creating and supporting 15,000 local jobs and driving regional economic and productivity growth. Over the past three years, Legal & General has invested over £1.5 billion into developing Government Hubs in key cities across the UK.
Legal & General has directly invested around £1.1 billion into Leeds in recent years through major urban regeneration projects and the delivery of housing, social care and infrastructure. Other key investments include the redevelopment of Headingley Cricket Stadium; Mustard Wharf, a city centre Build To Rent scheme; and the mixed-use Thorpe Park Leeds scheme, which includes the construction of the first section of the East Leeds Orbital Road, a key piece of road infrastructure for the city.
Despite being one of the UK’s major financial and business service hubs, Leeds suffers from an extremely low supply of Grade A office space. With Leeds benefitting from the largest growing workforce outside London, this development will help to meet this growing demand by providing much-needed top quality office space to the region.
This latest transaction exemplifies Legal & General’s commitment to investing patient capital into UK towns and cities, whilst supporting its long-term annuity and pension commitments. Upon completion, Wellington Place is expected to accommodate 12,000 people living and working within the development.
Read the full press release via the link below