Legal & General is partnering with Newcastle City Council and Newcastle University to help build and finance the £350m Newcastle Science Central development.

The 24-acre science and technology hub on the former brewery site, famed for brewing Newcastle Brown Ale, is located in Newcastle's city centre and is set to create over 4,000 jobs, 500,000 sq ft of office space, and 450 new homes.

Gordon Aitchison, Director, Investment & Development at LGIM Real Assets, said: "This partnership with Newcastle City Council and Newcastle University proves the importance of the private and public sector partnerships model in driving forward UK urban regeneration projects. We have been able to provide the necessary capital and skills to bring forward Newcastle Science Central and local government have provided the access and support to create this opportunity."

Newcastle Science Central is one of the biggest urban regeneration projects of its kind in the UK. Legal & General's initial £65m investment will deliver over 200,000 sq ft of Grade A office space and potentially unlocking further investment in commercial and residential opportunities at Science Central.

Professor Chris Brink, Vice-Chancellor of Newcastle University, said: "Building on our recent outstanding research successes, with the announcement of our three National centres - the National Centre for Ageing Science and Innovation, the National Institute for Smart Data Innovation (NISDI) and the EPSRC National Centre for Energy Systems Integration - this investment will take us a step closer to realising our vision for Science Central."

Newcastle Science Central is located in the city's Accelerated Development Zone, next to Newcastle United's football ground, St James's Park, and to the north of Newcastle train station.