Cardiff regeneration scheme set for completion
Legal & General Group plc has exchanged contracts to complete the largest privately funded development in Wales, Cardiff Central Square, in partnership with the Welsh Government & Rightacres Property.
The project began in 2015 and is one of a number of regeneration schemes the London-based funds & pensions manager has entered into in south-west England & Wales to create over 13,000 jobs, thousands of homes & improved infrastructure.
The 46,450m² Cardiff Central Square’s is the final major element of a $NZ744 million regeneration scheme which will include a new bus station, 318 build:rent apartments & 9300m² of grade A office space.
Legal & General chief executive Kerrigan Procter said this week: “Legal & General is dedicated to helping to drive regional economic growth in order to improve lives and deliver extraordinary social outcomes. It is using long-dated UK pension money to invest in our cities & towns; creating real jobs, high quality & varied housing and better infrastructure. This, in turn, boosts productivity and delivers vibrant communities in which people can live longer, healthier & happier lives. Legal & General has invested over $NZ35 billion into UK direct investments such as homes, urban regeneration, clean energy & transport infrastructure.
“This latest deal in Wales follows Legal & General’s announcement that it has signed the UK’s largest bulk annuity transfer – a $NZ8.6 billion pension risk transfer with Rolls-Royce Pension Fund, covering about 33,000 in-payment pensioners.”
Legal & General Group’s early-stage investment arm, Legal & General Capital (LGC), provided the initial funding for Cardiff Central Square when the joint venture was established in 2015.
This is how Legal & General positions itself: “LGC uses capital from the principal balance sheet to secure attractive financial returns for its shareholders, while creating real assets which meet Legal & General Retirement’s (LGR) pension commitments and that provide third party opportunities for Legal & General Investment Management (LGIM) clients. As such, the elements of Cardiff Central Square within L&G’s ownership are now divided 12% by LGC, 24% by LGIM & 64% by LGR.”
The group manages over $NZ1.86 trillion of assets and has businesses in the US, Europe, the Middle East & Asia. It’s invested over $NZ35 billion in direct investments such as homes, urban regeneration, clean energy & small business finance.
Attribution: Legal & General.