Slaughter and May is advising Legal & General - regeneration of Central Square, Cardiff
Slaughter and May is advising Legal & General in connection with the regeneration of Central Square, Cardiff.
Legal & General has entered into an agreement with Rightacres Property Co. Limited, a Cardiff-based developer, to deliver the City of Cardiff Council’s Central Square. The transaction includes the acquisition of a 135,000 sq ft office development known as One Central Square. The building is part pre-let to national law firm Blake Morgan LLP.
Central Square is a 12-acre, mixed-use city centre regeneration scheme located immediately to the north of Cardiff Central railway station. The first phase of the regeneration will include the development of BBC Wales’s proposed new 150,000 sq ft headquarters.
Laura Mason, Director of Direct Investment at Legal & General Capital:
"Cardiff has been hugely successful in establishing itself as real player in the inward investment arena and Central Square represents the most exciting regeneration scheme due to come forward in Wales. Located in a prime city centre location, it is set to deliver major social and economic benefits, and proves the model for the public and private sectors working together in order to unlock real UK growth. We look forward to working closely with our new development partners and Cardiff City Council to deliver this major project and attract further investment to the area."
Chancellor of the Exchequer, George Osborne:
"Today we see a major vote of confidence in the Welsh economy with a new partnership between Legal & General and Rightacres. The £400 million regeneration project which will be delivered through this partnership is fantastic news for working people across Wales and will help transform Cardiff’s city centre creating 10,000 new jobs."