Market Leads & Opportunities
Legal & General injects £65m into Newcastle regeneration
Legal & General is teaming up with Newcastle City Council and Newcastle University for the £350m Newcastle Science Central development.Newcastle Science Central is one of the biggest urban regeneration projects of its kind in the UK. The 10 hectare science and technology hub is being built on the site of the old Newcastle Brown Ale brewery in Newcastle’s city centre. It is projected to create more than 4,000 jobs, 500,000 sq ft of office space, and 450 new homes.Legal & General’s initial £65m investment will deliver more than 200,000 sq ft of Grade A office space, it said.Legal & General has plans to invest £15bn in UK infrastructure, direct investments and urban regeneration projects. It has already invested more than £7bn.The Newcastle deal represents the fourth project to be delivered since the start of Legal & General’s partnership with the Regeneration Investment Organisation (RIO) in January 2015.
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