Legal & General said on Thursday that it plans to partner with Newcastle City Council and Newcastle University to help build and finance the £350 mln (€440 mln) Newcastle Science Central development.
Newcastle Science Central is one of the biggest urban regeneration projects of its kind in the UK, planned to become a major UK hub for scientific research, and technology businesses.
The 24-acre science and technology hub on the former brewery site, famed for brewing Newcastle Brown Ale, is located in Newcastle’s city centre and is set to offer 500,000 sq ft (46,500 m2) of office space, and 450 new homes.
Legal & General plans to invest an initial £65 mln to help deliver over 200,000 sq ft of Grade A office space.
'This partnership with Newcastle City Council and Newcastle University proves the importance of the private and public sector partnerships model in driving forward UK urban regeneration projects,' said Gordon Aitchison, director, investment & development at LGIM real assets. 'We have been able to provide the necessary capital and skills to bring forward Newcastle Science Central and local government have provided the access and support to create this opportunity. We look forward to working with our new partners on this exciting scheme and attracting further investment into the area.'
Legal & General plans to invest £15 bn in UK infrastructure, direct investments and urban regeneration projects. It has already invested over £7 bn.
