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The prime 12-acre mixed-use city centre regeneration scheme known as Central Square was designed by Foster + Partners for Cardiff-based developer, Rightacres.
The deal struck between the property investment arm of L&G and developer Rightacres Property is the biggest property deal ever seen in Wales.
L&G gets stake in
The proposed 150,000 sq ft BBC Wales HQ at the heart of Central Square, to be signed off by BBC executives before the end of this year
The close-to-completion 135,000 sq ft No 1 Central Square building
Development plot for the planned No 2 Central Square office scheme
The Interchange, bus station and transport hub, which includes 200,000 sq ft of new office space, a 150-bedroom hotel and 200 private residential apartments.
Chancellor of the Exchequer, George Osborne welcomed the regional property deal.
He said: “Today we see a major vote of confidence in the Welsh economy with a new partnership between Legal & General and Rightacres.
The £400m regeneration project, which will be delivered through this partnershi, is fantastic news for working people across Wales and will help transform Cardiff’s city centre creating 10,000 new jobs.”
L&G has committed £1.5bn to co-investing of its core capital beyond London. The deal is the second project to be delivered through L&G’s Regeneration Investment Organisation partnership.
Last month L&G has backed a £400m regeneration scheme in East Leeds which it will develop in partnership with Scarborough Group, delivering 13,000 local jobs while unlocking the potential creation of 7,000 new homes.
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