Legal & General Retirement has invested £246m (€330m) in an ongoing development in London.

The Transport for London (TfL) building at The International Quarter in London’s Stratford district is being sold by Lendlease and London & Continental Railways (LCR).

The 286,000 sqft asset, at the entrance to the area’s Queen Elizabeth Olympic Park, will house 3,000 staff from late next year on a 25-year lease.

The 286,000 sq ft office-based scheme is being forward funded by L&G.

Gordon Aitchison, director of investment and development at L&G Property, said: “With significant volumes of patient capital under management, it is inevitable that the private sector in the form of long-term institutional investment plays a meaningful role in bringing about major regeneration and driving UK economic expansion.

“A significant new growth area for London, it is anticipated that Stratford will benefit from the creation of more than 40,000 new jobs and 11,000 new homes in the coming years.”

L&G said it has made £6.6bn of a committed £15bn of new direct investments in the UK.

The company last year invested a mixed-use scheme in Wales as part of its Regeneration Investment Organisation (RIO). 

The institutional investor entered a joint venture partnership with developer Rightacres on Cardiff’s Central Square master plan.

The regeneration scheme, to the north of the Welsh city’s central train station, includes a 150,000 sqft headquarters for BBC Wales, as well as One Central Square, a 135,000 sqft office development.

Around £162m was also invested last year in a regeneration project in Leeds. 

The firm took a 50% stake in Thorpe Park Leeds, a 200-acre mixed-use business development site.