The sale of two Central Square in Cardiff
Legal & General Capital (“Legal & General”) announces that it has agreed the sale of Two Central Square, a Grade A office development in the centre of Cardiff to Credit Suisse Asset Management (“Credit Suisse”), for £56.5m, reflecting a net initial yield of 6.25%. The property is currently being developed by Rightacres. Legal & General will use the proceeds from the sale to reinvest into other similar real asset backed economic growth opportunities and remains committed to the regeneration of Cardiff city, continuing to fund the construction of this pivotal urban regeneration project through to completion of the build phase.
Two Central Square is due to reach practical completion in September 2018, at which point Credit Suisse will complete the transaction. The site is located in a prominent position at the heart of the Central Square regeneration project, which sits directly in front of Cardiff’s main transport hub, Cardiff Central Station. The property has been designed by world-leading Foster & Partners and will comprise 148,000 sq ft of high specification Grade A offices which is targeting a BREEAM Excellent rating. The asset is fully pre-let to Cardiff University and Cardiff based law firm Hugh James.