Legal & General is investing £350m (€408m) in an urban regeneration project in the southwest of England.

The UK financial services provider – which offers life insurance, pensions and investment services – has agreed terms with Bristol City Council to invest the capital into the Bristol Temple Island project.

Legal & General said the investment will help transform the disused site into a new urban quarter. Temple Island will include a conference centre and exhibition space, a 345-room hotel, 550 new homes and two major office buildings.

Using the UK’s pensions and savings to drive economic growth in the region - post-COVID - Temple Island will complement the wider Temple Quarter partnership, which includes Bristol City Council, the University of Bristol and Network Rail, Legal & General said.

Legal & General is already an investor Bristol, having committed £310m to nearby build-to-rent and modular housing schemes, alongside commercial real estate, such as a Civil Service hub and the Quayside Bristol office development.

Nigel Wilson, CEO of Legal & General, said: “Our investment partnerships in cities such as Oxford, Manchester, Cardiff and Newcastle are already delivering at pace, and likewise our vision for the Temple Island will deliver a much-needed new quarter in Bristol.

“The conference centre will attract delegates from around the world, whilst the offices and affordable homes will meet an urgent local need and support new ways of living, post-pandemic.”

Marvin Rees, mayor of Bristol said: “This investment is welcome to deliver a much-needed boost to jobs and economic growth in Bristol as we recover from the pandemic. The development in Temple Quarter will deliver affordable homes that will play a significant role in bringing people and families to the city centre, within easy active-travel access to jobs and leisure.

”This development is a step forward in our commitment to stretching targets on affordable homes as well as a balanced response to the linked and fundamental challenges of housing, jobs and climate. We are delighted to be delivering through collaboration with our key partners, Legal and General, alongside the University of Bristol and Network Rail.”

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