Legal & General Capital has acquired a 50% stake in Thorpe Park Leeds for £162m to form a joint venture with Scarborough Group International.

The JV will deliver phase two of Thorpe Park Leeds which has consent for a 1.35m sq ft mixed-use scheme.

The development will potentially unlocking work on 7,000 new homes in the East Leeds area through the construction of the first section of the East Leeds Orbital Road.

The deal is the first to be delivered since the start of L&G’s Regeneration Investment Organisation (RIO) partnership launched at 10 Downing Street in January.

LGC said it is “committed to provide the finance required to develop Thorpe Park Leeds over a phased five year period.”

Laura Mason, Director of Direct Investments at Legal & General Capital, said:  “Leeds has done an outstanding job in completing the first RIO deal with L&G.

“This major development will help bring the ‘Northern Powerhouse’ to life, supporting the wider Leeds economy and acting as a major catalyst for further investment in the UK’s cities and regions.”

Simon Marshall, Senior Executive at Scarborough Group, said:  “This new partnership with Legal & General will be transformational for the delivery of Thorpe Park and is testament to the quality and potential of this market-leading regeneration project.”