Legal & General has acquired a government hub development in Nottingham.

The company will forward fund the development of Unity Square as HM Revenue and Customs' (HMRC) latest regional hub.

Prevail Securities will carry out the work with joint-venture partner Sladen Estates.

The Nottingham Regional Centre will open in summer 2021.

Phase 1 will accommodate around 4,000 full-time equivalent employees. 

The scheme is also set to advance the £250 million Southern Gateway regeneration project. In three years' time, the landscape around the train station will be transformed with a business district surrounding the HMRC hub.

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Gordon Aitchison, Director, Investments and Development at LGIM Real Assets, said: "This is a great deal for us and will have a meaningful impact on Nottingham, creating new jobs and driving economic growth. This deal is the latest in a line of successful acquisitions of such Government backed investments and serves to make a valuable contribution towards matching our continued appetite for secure long income investments."

Nick Sladen, Chief Executive of Sladen Estates, added: "HMRC's decision to place its East Midlands and 13th regional hub in the heart of Nottingham shows the Government's confidence in the city and, more importantly, the ability of the development team and Nottingham City Council to deliver – above other locations which could have been in the running."

(CM/MH)