The development will consist of a mix of studio 1, 2 and 3 bed units and includes facilities such as a concierge, lobby, gym, gardens and terraces, as well as  19,500 sq. ft of leisure and retail space.

Building works will start this winter at Central Quay, which is Legal & General’s third transaction in the last 18 months with residential rental specialist Watkin Jones.

Since the start of 2021, Legal & General has committed £900m to seven new BTR projects across the UK, completing on two transactions in London, and committed to further developments in Southampton, Birmingham, Glasgow and Hove.

Legal & General now has 20 sites in a dozen cities nationwide, with more than 2,500 apartments already occupied and over 6,000 more under construction.

Tom Roberts, Head of Strategic Investment at LGIM Real Assets, said: “ For the past decade, Legal & General has brought partnership models, expertise and capital to stimulate mixed-use redevelopment – long before ‘levelling up’ was coined.

“Our £1bn Real Assets investment in Cardiff reflects what patient investment can achieve.

“Alongside partners Rightacres Property, Cardiff Council and the Welsh government, we have transformed Cardiff Central Square, not only changing people’s first impressions of the city, but re-shaping Cardiff for the long-term.”

Alex Pease, chief investment officer at Watkin Jones said: “We are delighted to be partnering with Legal & General on another development. The projects we are delivering together will create excellent homes, act as a catalyst for regeneration of the surrounding areas and help improve people’s lives.”