Legal & General Capital (LGC) and UK Property fund have been given the green light to regenerate a UK town centre.
The joint venture鈥檚 拢200m (鈧�273m) Bracknell Regeneration Partnership will begin within the next three months, with completion of the 580,000sqft due in 2017.
The predominantly retail-focused scheme is 53% pre-let to retailers including Marks & Spencer, Primark and H&M.
As reported , Legal & General is working to pool 拢15bn of institutional capital to invest in UK housing and infrastructure.
The UK insurer committed 拢1.5bn of its own money to the 鈥榬egeneration funding鈥� vehicle, which will work with the government鈥檚 Regeneration Investment Organisation, set up to help generate international investment in UK infrastructure.
The vehicle could fund 50 regeneration projects across the UK, including housing and infrastructure, it is estimated.
Paul Stanworth, managing director of Legal & General Capital, said 鈥漰ension funds and sovereign wealth funds want to invest in infrastructure, direct investments and property鈥�.
LGC also said plans to build 1,000 new homes near Bracknell, in Crowthorne, have also been approved. Legal & General Property will manage the development for LGC.
