22nd Sep 2015 10:29
LONDON (Alliance News) - Legal & General Group PLC on Tuesday said it has signed a joint venture with property developer Rightacres for the GBP400 million Central Square development in Cardiff, a major regeneration project in the city.
FTSE 100-listed L&G, which has invested in the project through its Legal & General Capital arm, said the project is one of the prime development sites in Wales, located close to Cardiff's central rail station. It will include 1 million square feet of space and is expected to be a focal point for the city's Enterprise Zone.
The first phase will include the development of two buildings, including the new headquarters of BBC Wales.
The deal is the second L&G has invested in through its Regeneration Investment Organisation partnership and follows the deal it signed last month to back a GBP400 million regeneration scheme in Leeds.
By Sam Unsted; [email protected]; @SamUAtAlliance
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