Legal & General is to partner with Newcastle City Council and Newcastle University to help build and finance the £350m Newcastle Science Central development.
Science Central will be a 24-acre science and technology hub with 500,000 sq ft of office space and 450 new homes.
L&G’s initial £65m investment will deliver more than 200,000 sq ft of grade-A offices.
The development will be built on a former brewery site famed for brewing Newcastle Brown Ale, to the north of Newcastle train station in the city centre.
Gordon Aitchison, director of investment and development at LGIM Real Assets, said the deal demonstrated the importance of private and public sector partnerships in driving forward UK urban regeneration projects.
The deal represents the fourth project to be delivered since the start of L&G’s partnership with the Regeneration Investment Organisation, launched in January 2015. The partners have committed to co-invest £1.5bn into RIO pipeline projects alongside overseas investors working with UKTI.
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