Legal & General, Schroders in 200 mln stg Bracknell regeneration

LONDON, Feb 20 (Reuters) - British insurer Legal & General (LSE: LGEN.L - news) and fund manager Schroders (LSE: SDR.L - news) on Friday said they had agreed to redevelop the Northern Retail Quarter in British town Bracknell in a deal worth 200 million pounds ($307.54 million).

The 50/50 joint venture would begin construction in spring 2015 and be finished within two years, L&G said in a statement.

"Legal & General wants to regenerate cities and towns across the UK, and today's announcement shows what can be done in partnership with a forward thinking council and a committed partner with shared aims and values," said Paul Stanworth, Managing Director of Legal & General Capital.

"The UK is a great place to invest, pension funds and sovereign wealth funds want to invest here in infrastructure, direct investments and property."

The development will contain 580,000 square feet of new retail and leisure space, a car park and residential housing, it said.

Alongside the statement, L&G Capital said it had also agreed to build 1,000 new homes in Bracknell and would provide funding for other projects at the site including a primary school, community centre, care home and over 100 acres of public green space.

($1 = 0.6503 British Pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)