Legal & General – acquisition and forward funding of Wales Broadcasting House, Central Square, Cardiff
Slaughter and May is advising Legal & General Pensions Limited on the acquisition and forward funding of Wales Broadcasting House, the new 150,000 sq ft headquarters of BBC Wales. Following practical completion of the new building, the BBC will be granted a 20 year lease with five yearly RPI linked rent reviews.
The building will be developed by Rightacres Property Co. Limited, and triggers the first phase of Legal & General’s investment in the regeneration of Central Square, Cardiff announced in September 2015.
Laura Mason, Director of Direct Investment at Legal & General Capital, said:
“LGC is unlocking momentum and driving the regeneration forward. The positive economic impact of this investment will be not only felt by Cardiff itself, but by the whole of Wales. The BBC’s commitment will also attract other major occupiers to the area, therefore fuelling jobs growth, as well as other social, cultural and economic benefits.”