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How to Rent clarification

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Legal & General’s Build To Rent scheme will be largest in Wales

Friday 02 August 2019

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.

The company has revealed that it’s creating over 13,000 jobs, thousands of homes and improved infrastructure in the South West and Wales, through major regional regeneration schemes in towns and cities such as Bath, Bristol, Swindon, Weston-Super-Mare and Cardiff.

Comprising over 500,000 sq ft, the final major element of the £400m regeneration scheme will include: a new Bus Station; 318 Build To Rent (BTR) apartments; and 100,000 sq ft 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.”

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 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.”