Legal & General is investing in a mixed-use scheme in Wales as part of its Regeneration Investment Organisation (RIO).
The institutional investor, which plans to invest 拢1.5bn (鈧�2.1bn) in UK regeneration projects, has entered a joint venture partnership with developer Rightacres on Cardiff鈥檚 Central Square master plan.
The regeneration scheme, to the north of the Welsh city鈥檚 central train station, includes a 150,000 sq ft headquarters for BBC Wales and One Central Square, a 135,000 sq ft office development.
The latter, due for completion in January next year, is part pre-let to law firm Blake Morgan.
Commercial and residential space is also included in the scheme.
Laura Mason, director of direct investment at L&G Capital, said: 鈥淐ardiff has been hugely successful in establishing itself as real player in the inward investment arena, and Central Square represents the most exciting regeneration scheme due to come forward in Wales.
鈥淟ocated in a prime city centre location, it is set to deliver major social and economic benefits and proves the model for the public and private sectors working together to unlock real UK growth.鈥�
The deal is L&G鈥檚 second for its RIO partnership, a 拢400m regeneration scheme in Leeds with The Scarborough Group.
Paul McCarthy, chief executive of Rightacres, said: 鈥淗aving a funding partner like Legal & General alongside us in Central Square will maintain the momentum we have been building around the scheme.鈥�
L&G 拢15bn of institutional capital, which could help fund as many as 50 regeneration projects across the UK, including housing and infrastructure.
