Property Investments
Legal & General Property Limited is responsible for managing Legal & General's property portfolio. At 31 December 2005, funds under management by Legal & General Property Limited were £9.96bn (2004: £8.1bn). This included £3.08bn (2004: £2.5bn) of external client funds.
The majority of property management work is carried out in house by Property Management Services, which is accredited by the British Standards Institute (BSI) for operating a Quality Management System to BS.EN ISO9001:2000 standard.
New purchases
- An environmental report is obtained. Any issues identified will be reviewed at Director level prior to purchase being authorised.
New developments
- An environmental impact study is now carried out for proposed major development schemes. There were no new developments during 2005.
Directly Managed Properties
- Environmental, Health and Safety risk assessments are carried out by specialist consultants on a regular basis. Air and water quality are also monitored.
- During 2005, environmental ISO 14001 certification was achieved for Midsummer Place, Milton Keynes. This achievement added to our scope of three major investment properties fully compliant, one of which has now been sold.
- Audits have been carried out on all directly managed properties to ensure measures are in place to make premises accessible to people with disabilities and to meet the requirements of the Disability Discrimination Act 1995.
- During the year we have facilitated discussions with tenants to promote awareness of social and environmental issues and, where possible, to form joint initiatives to reduce the amount of waste gong to landfill. This has resulted in a recycling facility being installed at the Midsummer Place Shopping Centre to improve environmental performance.