Legal & General has exchanged contracts to complete the largest privately funded development in Wales, Cardiff Central Square, in partnership with the Welsh Government and Rightacres Property. Comprising over 500,000ft²t, the final major element of the €436.4m (£400m) regeneration scheme will include: the much anticipated new Bus Station; 318 Build to Rent (BTR) apartments; and 100,000ft² of Grade A office space.
Kerrigan Procter, CEO of Legal & General Capital, said: “Legal & General’s activity across the South West and Wales demonstrates how our varied capital streams can be put to work to create real high-quality assets which have a significant long term socio-economic impact in the region. Cardiff Central Square is a prime example of how we are creating assets for Legal & General Retirement to back pension risk transfer deals and that can form part of LGIM-managed funds while delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best.”
Huw Thomas, Leader of Cardiff Council, said: “The building of a new bus interchange has been a number one priority for the council since day one of this administration, reflecting our commitment to delivering more and better jobs for the people of Cardiff and beyond. This will be the final stage of the completion of Central Square, which is the biggest regeneration project in Wales. The Council’s original masterplan for this part of the city is now a reality and we are delighted that through it, thousands of jobs are being created in the Welsh Capital.”
Dan Batterton, Head of Build to Rent at LGIM Real Assets, said: “With Cardiff’s population expected to grow significantly over the next 20 years, increasing pressure is being put on its housing provision and infrastructure. We are delighted today to announce Wales’ largest Build to Rent scheme, which will help to address the growing challenges, offering high quality, affordable homes on long term flexible leases for elective renters. The delivery of high-quality developments with vibrant communities is becoming more and more important. This latest project is the perfect example and will have a positive long term impact for Cardiff and the South West more widely, maximising our existing infrastructure and supporting economic growth and job creation.”
Tom Roberts, Head of Strategic Investment at LGIM Real Assets, said: “Rising to the challenges faced by modern cities requires a next-level approach to urban regeneration. To meet the expectations of modern city-dwellers and to improve their quality of life, developments must be genuinely mixed, offering a range of residential and workspace, alongside infrastructure improvements. Legal & General is committed to funding and delivering this kind of sustainable developments and we are actively identifying further opportunities in the South West, alongside today’s announcement in Cardiff.”
Paul McCarthy, Rightacres Chief Executive, said: “Cardiff Central is the key gateway to Wales and as more businesses and people move into Cardiff city centre, the development and transport hub will provide ever-increasing economic, environment and social value.”