Legal & General has today announced 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 a new bus station; 318 build-to-rent (BTR) apartments; and 100,000 sq ft of Grade A office space.
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.
Kerrigan Procter, CEO 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-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.”