Lawyers from the Newcastle office of national law firm Bond Dickinson have advised Newcastle City Council on the completion of a multi-million pound deal with Newcastle University and Legal and General Capital, the principal investment arm of the Legal and General Group.
Earlier this year Legal and General announced plans to support the £350 million Newcastle Science Central, one of the biggest urban regeneration projects of its kind in the UK.
Legal and General’s initial £65million investment will fund the completion of two buildings on premium plots 1 and 2 offering over 200,000 sq ft of Grade A office space, creating 2,000 jobs and boosting economic growth. The investment will also help unlock the potential of further investment in commercial and residential plots.
Kevin Robertson, Partner and Head of Bond Dickinson’s Newcastle office comments: “We are delighted to have advised the City Council on this latest investment at Science Central which has involved a number of complex, interrelated real estate and corporate transactions. Lawyers from our Projects, Corporate and Real Estate Teams have worked closely with the City’s own team do complete the deal.
“This investment into Science Central is fantastic news for the City”.
Tom Warburton, Director of Investment & Development at Newcastle City Council said: “This is one of the biggest and most complex deals the city has ever done. We are delighted to have been able to bring Legal & General’s huge investment power to Newcastle. The deal is very innovative and one for the first of its type in the UK involving a public authority, a major University and one of the largest investment houses in the UK. Bond Dickinson has supported us all along the way and provided us with legal advice and support without which we would have never have got the deal done”.