L&G said the first investment, through its Legal & General Capital unit, was a regeneration site in Walthamstow, northeast London, to build and rent over 300 flats.

L&G Capital said it had invested 4.6 billion pounds in UK direct investments and infrastructure over the past couple of years.

L&G said last month it would allocate 1.5 billion pounds to a new British fund for infrastructure projects and seek external financing to expand its size to 15 billion pounds.

(Reporting by Carolyn Cohn; editing by Simon Jessop)