Legal & General has agreed a deal with Bristol City Council to invest £350m in a major regeneration project.

The institutional investor will develop the Temple Island scheme, which includes 550 new homes, of which 220 are affordable, a conference and exhibition centre, a 345-room hotel and two major office buildings.

L&G will take on the development risk and lease out the buildings to generate a return. The precise tenure of the homes has yet to be determined.