30 Jul 2019
Legal & General seals another deal in £400m Cardiff regeneration project
Legal & General reveals that it is creating over 13,000 jobs, thousands of homes and improved infrastructure in the South West and Wales, through major regional regeneration schemes in towns and cities such as Bath, Bristol, Swindon, Weston-Super-Mare and Cardiff.
Legal & General announces today that it has exchanged contracts to complete the largest privately funded development in Wales, Cardiff Central Square, in partnership with the Welsh Government and Rightacres Property. Comprising over 500,000 sq ft, the final major element of the £400m regeneration scheme will include: the much anticipated new Bus Station; 318 Build to Rent (BTR) apartments; and 100,000 sq ft of Grade A office space.
Legal & General is dedicated to helping to drive regional economic growth in order to improve lives and deliver extraordinary social outcomes. It is using long-dated UK pension money to invest in our cities and towns; creating real jobs, high quality and varied housing and better infrastructure. This, in turn, boosts productivity and delivers vibrant communities in which people can live longer, healthier and happier lives. Legal & General has invested over £19bn into UK direct investments such as homes, urban regeneration, clean energy and transport infrastructure.
This latest deal in Wales follows Legal & General’s announcement that it has signed the UK’s largest bulk annuity transfer – a £4.6bn Pension Risk Transfer (PRT) with Rolls-Royce Pension Fund, covering approximately 33,000 in-payment pensioners.
Read the full press release via the link below
Cardiff Central Square is a prime example of how we are creating assets for Legal & General Retirement to back pension risk transfer deals... while delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best.
Kerrigan Procter, CEO of Legal & General Capital