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Legal & General to relocate Wales HQ to Cardiff Central Square development
Legal & General, one of the largest private employers in Cardiff, announces that it will relocate its two Group offices in Wales to a 120,000 sq. ft. facility in Cardiff’s Central Square as part of a wider £450m regeneration scheme.
30 Oct 2020
The move, which is planned to take place in early 2023, will see over 1,800 Legal & General employees relocate from its existing offices in Cardiff to a modern, eight-storey office space within ‘The Interchange’. It will be located alongside the new BBC Cymru Wales broadcasting studio, HMRC and Cardiff Transport Interchange.
The £140m Interchange building is the fifth phase of development in the Cardiff Square regeneration scheme which, in addition to office space for Legal & General, will include 318 build to rent (BTR) homes and a 14-bay bus station. The scheme has been brought forward as a collaborative effort with government stakeholders and Cardiff-based developer Rightacres, creating a world-class regeneration project which sets the city apart as one of the UK’s leading places to live, work and invest.
This announcement marks one of the largest office lettings in the UK this year and the state-of-the-art new office and associated services will provide staff with a collaborative, agile space to meet changes to working practices in the wake of Covid-19. It will incorporate a focus on staff wellness and wellbeing, incorporating cycle and changing facilities, café, social space and an external terrace to meet shifting needs. In line with Legal & General’s wider commitments to ESG, the fit out will target Net Zero Carbon and reduce embodied carbon throughout the base build. It will also be developed in line with Well Gold and BREEAM standards.
Construction began on The Interchange in December 2019 and is due to be completed in November 2022. Development of The Interchange will be undertaken by Cardiff-based developer RightAcres, which has partnered with Legal & General on all phases of the Central Square regeneration project. The Interchange has been designed by Holder Mathias Architects. Its supply chain will promote local first, looking to use local suppliers and products wherever possible.
Legal & General’s commitment to Central Square was announced in late 2015, with the business already having delivered over 700,000 sq. ft. of office space alongside several retail units. The scheme is one of a number of Legal & General’s major regeneration schemes in UK towns and cities, which includes projects in Newcastle, Salford and Sunderland. Using dynamic partnerships with the public- and private-sector, Legal & General has so far invested over £25bn into direct investments such as clean energy, transport infrastructure and multi-tenure homes, recycling funding from UK pensions and savings to support regional economic growth.
Nigel Wilson, Chief Executive of Legal & General: "This is a landmark moment for Legal & General, bringing almost 2,000 of our people to a modern, state-of-the-art office space which sits within one of our most iconic regeneration schemes. We believe a new form of office has a key role in the future of towns and cities and are creating a space which is pioneering and innovative and will continue to drive up productivity, collaboration and idea sharing.Even in the wake of the crisis, we continue to commit to UK towns and cities, creating new opportunities for local people and helping to boost regional economic output. I am extremely proud of our work we have done at Central Square, which upon completion will add around £1.1bn of gross value added (GVA) to the region and create up to 13,000 new jobs."
Councillor Russell Goodway, Cabinet Member for Investment and Development at Cardiff Council: "The new interchange building is being delivered on a fully commercial basis and the announcement that Legal & General will be relocating their headquarters to the Interchange is a major investment into the project and the city.This has been made possible by working closely with Welsh Government and Transport for Wales and I am pleased to see the mixed-use scheme is now both affordable and commercially viable and the build is well underway."
Ken Skates, Welsh Government Minister for Economy, Transport and North Wales: "I welcome the news that the Legal and General Group are to take up office accommodation at The Interchange, at the heart of our capital with easy access to multi modal transport. As a major employer in the area, it’s excellent news it has committed to maintain a significant workforce in Cardiff for the long-term."
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap, and respond to a scarcity of supply that is underpinned by enduring societal needs.
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.
Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
IMPORTANT INFORMATION
For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.