Legal & General Capital backs £350M Newcastle Science Central development

WCN Editorial Team 20 Jun 2016 EUROPE BUILDINGS

Legal & General Capital has unveiled plans to collaborate with Newcastle City Council and Newcastle University to help construct and finance the £350M Newcastle Science Central development.

The development will be located in the UK city’s Accelerated Development Zone, adjacent to Newcastle United’s football ground, St James’s Park, and to the north of Newcastle train station.

The project will include the development of 47,000sq m of office space and 450 new homes.

Legal & General Capital’s £65M initial investment will help create more than 19,000sq m of Grade A office space.

Rachel Dickie, Legal & General Capital head of urban regeneration, said: “The delivery of Newcastle Science Central will help support the wider Newcastle economy and we are delighted to be working with Newcastle City Council and Newcastle University to deliver this major regeneration scheme.

“Providing an excellent match for our long-term money, this public and private sector partnerships model demonstrates that we can unlock major regeneration projects that support the economic growth prospects of the UK by closing the funding gap, as well as delivering strong financial returns for our shareholders and policyholders.”

The project is expected to create more than 4,000 jobs in the region.

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