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Legal & General Pumps £65 Million into Newcastle Regeneration Scheme

Legal & General is set to inject £65 million into a regeneration project in Newcastle as it teams up with Newcastle City Council and Newcastle University for the new £350 million development of Newcastle Science Central.

Newcastle Science Central is one of the biggest urban regeneration projects of its kind in the country and is situated next to St James’s Park football stadium in the Accelerated Development Zone of the city.

The science and technology hub is built across 10 hectares and is to be built on the former Newcastle Brown Ale brewery in the city centre and is expected to create over 4,000 jobs, 450 new homes and 500,000 sq ft of office space.

Legal & General says that its initial investment of £65 million will deliver over 200,000 sq ft of Grade A office space.

LGIM Real Assets’ investment and development director, Gordon Aitchison, said that the firm’s new partnership with Newcastle University and Newcastle City Council shows how important the public and private sector partnerships model is in pushing forward urban regeneration projects in the UK.

He added that the firm has been able to put forward the required skills and capital to advance the Newcastle Science Central project, while local government has given the necessary support and access to create the opportunity.

He concluded that LGIM Real Assets is looking forward to working with its new partners on the exciting project and will attract more investment into the area.

Legal & General is planning to invest a further £15 billion into infrastructure, urban regeneration projects and direct investments in the UK, while it has already pumped in over £7 billion.

The deal for the Newcastle project is the fourth one to be delivered since Legal & General started its partnership with the Regeneration Investment Organisation (RIO) in January last year.

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BDC 317 : Jun 2024