Legal & General 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 ft2 (46,450 m2), the £400 mln (€440 mln) regeneration scheme will include 318 build to rent (BTR) apartments; 100,000 ft2 of Grade A office space and a bus station.
'With Cardiff’s population expected to grow significantly over the next 20 years, increasing pressure is being put on its housing provision and infrastructure,' said Dan Batterton, head of BTR at LGIM Real Assets. 'The delivery of high quality developments with vibrant communities is becoming more and more important.'
Within the South West, Legal & General has funded more than seven major schemes over the past five years. In Bath Quays North, it is investing £400 mln into a 306,000 ft2 office-led, mixed use redevelopment. It is also delivering 868 BTR homes in Bristol, Bath and Cardiff and around 300 homes within its first urban retirement living scheme in Bath. A
Additionally, Legal & General has forward funded 3 Glass Wharf in Bristol for HMRC’s new hub and has invested into Sovereign Shopping Centre in the centre of Weston-Super-Mare.