LONDON, Feb 20 (Reuters) - British insurer Legal & General and fund manager Schroders on Friday said theyhad agreed to redevelop the Northern Retail Quarter in Britishtown Bracknell in a deal worth 200 million pounds ($307.54million).
The 50/50 joint venture would begin construction in spring2015 and be finished within two years, L&G said in a statement.
"Legal & General wants to regenerate cities and towns acrossthe UK, and today's announcement shows what can be done inpartnership with a forward thinking council and a committedpartner with shared aims and values," said Paul Stanworth,Managing Director of Legal & General Capital.
"The UK is a great place to invest, pension funds andsovereign wealth funds want to invest here in infrastructure,direct investments and property."
The development will contain 580,000 square feet of newretail and leisure space, a car park and residential housing, itsaid.
Alongside the statement, L&G Capital said it had also agreedto build 1,000 new homes in Bracknell and would provide fundingfor other projects at the site including a primary school,community centre, care home and over 100 acres of public greenspace.
($1 = 0.6503 British Pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)