Legal & General Capital (LGC) is investing in Newcastle Science Central, a new UK hub for scientific research and technology, in partnership with Newcastle City Council and Newcastle University.
The 9.7-hectare science and technology hub on the former Newcastle Brown Ale brewery site, is located in the city centre and will create around 50,000 m2 of offices and 450 new homes, as well as 4,000 new jobs. LGC's initial £65 mln (€77 mln) investment will deliver around 20,000 m2 of office space.
'Our patient capital is being invested to develop UK cities so that they have the opportunity to succeed in science and technology innovation,' commented Nigel Wilson, CEO of Legal & General Group. 'The £350 mln (€415 mln) Newcastle Science Central scheme, alongside our other investments including our £150 mln co-investment in ADV will support UK-wide technology start-ups, creating jobs and boosting the economy.'
LGC said its latest transaction followed a year of significant deals into UK-wide regeneration, housing, infrastructure and technology projects.
'To finish the year with another impactful UK regeneration investment completed is a great achievement for the team involved, helping to drive forward a major hub for science and enterprise in the North of England,' said Laura Mason, director of Direct Investments at Legal & General Capital.
'For Legal & General Capital, this investment shows what can be achieved through strong local partnerships, and it also highlights how our capital can act as a catalyst for further investment and create other opportunities across Legal & General,' she added.
