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Legal & General has entered into a partnership with Cardiff-based developer Rightacres, to deliver the Central Square masterplan, one of Cardiff's main regeneration schemes.

The prime 12-acre mixed-use city centre regeneration scheme was designed by Foster + Partners and represents a total investment of £400 mln (€553 mln).

Located to the north of Cardiff’s central train station, the regeneration of Central Square will comprise one million sq ft (92,900 m2) of space in the heart of Cardiff city centre.

The first phase of the project includes the development of two buildings – the proposed 150,000 sq ft BBC Wales HQ and One Central Square, a 135,000 sq ft office development that is part pre-let to national law firm, Blake Morgan, and due for completion in January 2016. Further phases will include a mix of commercial and residential buildings.

The deal is the second project to be delivered through L&G’s Regeneration Investment Organisation (RIO) partnership, which committed £1.5 bn to co-investing its core capital beyond London, into critical regional urban regeneration projects.

It follows the news last month that L&G has backed a £400 mln regeneration scheme in East Leeds which it will develop in partnership with Scarborough Group, delivering 13,000 local jobs while unlocking the potential creation of 7,000 new homes.

Laura Mason, director of Direct Investment at Legal & General Capital, commented: 'Central Square represents the most exciting regeneration scheme due to come forward in Wales.'

'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 has a real understanding of the Cardiff market and they have demonstrated to us that they are able to react quickly to our proposals which will allow us to deliver the Central Square Masterplan over the next few years,' added Paul McCarthy, CEO of Rightacres.

Knight Frank’s Cardiff office acted for L&G.