Legal & General is investing in a mixed-use scheme in Wales as part of its Regeneration Investment Organisation (RIO).

The institutional investor, which plans to invest £1.5bn (€2.1bn) in UK regeneration projects, has 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 sq ft headquarters for BBC Wales and One Central Square, a 135,000 sq ft office development.

The latter, due for completion in January next year, is part pre-let to law firm Blake Morgan.

Commercial and residential space is also included in the scheme.

Laura Mason, director of direct investment at L&G Capital, said: “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 to unlock real UK growth.”

The deal is L&G’s second for its RIO partnership, having backed a £400m regeneration scheme in Leeds with The Scarborough Group.

Paul McCarthy, chief executive of Rightacres, said: “Having a funding partner like Legal & General alongside us in Central Square will maintain the momentum we have been building around the scheme.”

L&G is working to pool £15bn of institutional capital, which could help fund as many as 50 regeneration projects across the UK, including housing and infrastructure.