Legal & General has entered into a joint venture partnership with developer Rightacres to realise the £400m ($620m) Central Square regeneration scheme in Cardiff, Wales.
The prime 12-acre mixed-use city centre scheme is set to "create over 10,000 local jobs and facilitate significant economic growth," according to L&G.
The scheme covers one million sq ft of space and is expected to become the focal point of the Cardiff's enterprise zone.
The first phase of the project includes the development of two buildings – the proposed 150,000 sq ft BBC Wales HQ and a 135,000 sq ft office development, One Central Square that is part pre-let and due for completion in January 2016. Further phases will include a mix of commercial and residential buildings.
L&G said it has committed £1.5bn to co-investing capital beyond London into critical regional urban regeneration projects that support the UK growth. The deal is the second project to be delivered through L&G's Regeneration Investment Organisation (RIO) partnership.
Last month L&G backed a £400m regeneration scheme in East Leeds in the north of England which it will develop in partnership with Scarborough Group, delivering 13,000 local jobs and creating the potential for 7,000 new homes.
L&G said that, using its flexible capital and partnership model, it "seeks to secure the viability of socially and economically important UK schemes, while in turn working with government department UK Trade & Investment and leveraging its strong network of contacts to attract up to £15bn of investment into RIO pipeline projects."
L&G added that Legal & General Capital, which invests L&G's balance sheet into strategically important direct investments, is working closely with LGIM Real Assets, its specialist property and infrastructure asset manager.
Laura Mason, director of direct investment at Legal & General Capital, said the scheme "proves the model for the public and private sectors working together in order to unlock real UK growth."