Financial services giant L&G has backed the latest development at Cardiff's Central Square scheme, that will include 84,000 sq ft of new grade A office space.
The 500,000 sq ft Interchange scheme and final phase of Central Square, from developer Rightacres, will also include more than 300 build to rent apartments expected to be the first in Wales from L&G Homes and a new bus station for the city.
L&G's latest funding for the Central Square scheme is from a £400m forward development funding deal struck with Rightacres back in 2015.
Located in the centre of the city immediately in front of Cardiff Central Railway Station, the scheme's first phases saw construction of the 1 and 2 Central Square office schemes, which are now fully let and employ several thousand people.
Tenants include law firms Hugh James and Blake Morgan and financial services firms in Hodge and Motonovo Finance.
A new and under construction 270,000 sq ft HQ for HMRC at Central Square will be ready for occupancy next year.
The 12-storey £100m building, will be one of 13 new regional centres for HMRC across the 海角视频.
The scheme, which is due for completion in late 2019, will also have space for other 海角视频 Government departments and organisations, such as Innovate 海角视频, to use.
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The hub was chosen by the Government Property Unit of the 海角视频 Government after a competitive bidding process.
The 6 Central Square office scheme will able to house up to 4,000 staff.
HMRC will relocate to Central Square from its current tax offices in the Llanishen area of Cardiff.
And the first of 1,200 BBC Wales Cymru staff will start relocating later this year to its new 150,000 sq ft new HQ at Central Square from its existing site in Llandaff, Cardiff.
The freehold interest in the Interchange scheme, for which work is now under way, is owned by the Welsh Government which has struck a long-term lease deal with L&G.
The Interchange's bus station is expected to become operational in late 2022 and will be operated by the Welsh Government's at arm's length transport for body, Transport for Wales.
Kerrigan Procter, chief executive of Legal & General Capital, said: “Legal & General’s activity Wales and the south west of England demonstrates how our varied capital streams can be put to work to create real high quality assets which have a significant long term socio-economic impact in the region.
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"Cardiff Central Square is a prime example of how we are creating assets for Legal & General Retirement to back pension risk transfer deals and that can form part of LGIM-managed funds, while delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best.”
Huw Thomas, leader of Cardiff Council, said: The building of a new bus interchange has been a number one priority for the council since day one of this administration, reflecting our commitment to delivering more and better jobs for the people of Cardiff and beyond.
"This will be the final stage of the completion of Central Square, which is the biggest regeneration project in Wales. The Council’s original masterplan for this part of the city is now a reality and we are delighted that through it, thousands of jobs are being created in the Welsh Capital.”
Dan Batterton, head of build to rent at LGIM(L&G Investment Management) Real Assets, said: “With Cardiff’s population expected to grow significantly over the next 20 years, increasing pressure is being put on its housing provision and infrastructure.
"We are delighted to announce Wales’ largest build to rent scheme, which will help to address the growing challenges, offering high quality, affordable homes on long term flexible leases for elective renters."
The new bus station will be next to Cardiff Central Railway Station, which is being redeveloped with £100m of new funding backed by the 海角视频 and Welsh governments, as well as support from the £1.2bn City Deal for the Cardiff Capital Region.
Chief executive of Rightacres, Paul McCarthy, said: “Cardiff Central is the key gateway to Wales and as more businesses and people move into Cardiff city centre, the development and transport hub will provide ever increasing economic, environment and social value."
Work on the Interchange scheme follows an agreement involving L&G, Transport for Wales and Rightacres.
When completed Central Square will provide one million sq ft of new office, residential and retail space.