UK: Legal & General (L&G) has invested a further £200 million to deliver a BTR development at the former Brains Brewery site in Central Quay, Cardiff.
The development will be delivered in partnership with Watkin Jones and the landowner, Rightacres. Legal & General was advised by Knight Frank and Macfarlanes on the transaction.
The development at Central Quay will deliver 715 homes – a mix of studio, one-, two- and three-bedroom apartments. Amenities include a concierge, lobby, gym, gardens and terraces, as well as around 19,500 square feet of leisure and retail space.
The investment forms part of Legal & General’s regeneration project – and marks the asset manager and global investor as Cardiff’s largest investor. Legal & General has committed £1 billion in Real Assets to deliver the regeneration project, which also includes office space, a hotel and government offices.
Tom Roberts, head of strategic investment at LGIM Real Assets, said: “Investing long-term capital in what society needs has never been more important. For the past decade, Legal & General has brought partnership models, expertise and capital to stimulate mixed-use redevelopment – long before ‘levelling up’ was coined. Our £1 billion Real Assets investment in Cardiff reflects what patient investment can achieve. Alongside partners Rightacres Property, Cardiff Council and the Welsh government, we have transformed Cardiff Central Square, not only changing people’s first impressions of the city, but re-shaping Cardiff for the long-term. We’re proud to progress this world-class regeneration, setting the city apart as one of the UK’s leading places to live, work and invest.”
Central Quay is Legal & General’s third transaction in the last 18 months with Watkin Jones, which brings both customer insight and expertise in delivering sustainable homes in key regeneration locations.
“We are delighted to be partnering with Legal & General on another development. The projects we are delivering together will create excellent homes, act as a catalyst for regeneration of the surrounding areas and help improve people’s lives. We look forward to bringing our expertise to what is a hugely exciting regeneration masterplan,” said Alex Pease, CIO at Watkin Jones
