18 April 2012
Legal & General Property (“LGP”) announces that it is currently developing plans for a major £15 million enhancement to Midsummer Place Shopping Centre in Milton Keynes.
The improvements, which could add 57,000 sq ft of new retail space to the centre, are designed to enable LGP to attract more international fashion retailers to the centre, further strengthening its existing tenant base, and also to create a new restaurant quarter bringing a higher quality food and drink offer. It is believed that the enhancements will also create significant local job opportunities.
Midsummer Place acts as a fashion hub for Milton Keynes providing 430,000 sq ft of retail space and has an annual footfall of over 17 million. Focussed on delivering high brand fashion within a first-rate shopping environment existing tenants at the centre include Hollister, Superdry, Zara, Hugo Boss, Apple, GAP, H&M and Debenhams.
LGP is currently finalising plans for the scheme and hopes to submit an application towards the end of May 2012. Liaising closely with the local community, their plans will go on public display adjacent to the Gap store at Midsummer Place Shopping Centre between:
11am – 5pm, Friday 27 April 2012
11am – 5pm, Saturday 28 April 2012
Commenting, Helen Snooks, Senior Asset Manager, Shopping Centres at Legal & General Property, said:
“Milton Keynes has established itself as the major regional shopping destination and it is important that we support this by continuing to invest in and improve its offering in order to best serve our discerning customers and maintain this position.”
Midsummer Place Centre Manager, Martin Hindson, added:
“We want to make Midsummer Place Shopping Centre even better and ensure that it remains the go to fashion quarter, by accommodating new international retailers and restaurants not currently represented in Milton Keynes. Not only will the plans improve the retail and food offer for our customers but also the shopping experience for those visiting Milton Keynes as a whole.”
More information and regular updates on progress will be is available at www.midsummerplace.co.uk. Computer generated images of the improvement are also available on request.
For more information, please contact:
01908 698909 or 07990 520498
Midsummer Place is a 430,000 sq ft shopping centre with 750 space car park anchored by a 135,000 sq ft department store (Debenhams). It has established itself as the key retail location within Milton Keynes for customers seeking aspirational shopping, particularly strong fashion brands. To attract these young affluent shoppers Midsummer Place has a range of exciting, aspirational retailers such as Apple, Hollister and Hugo Boss which cannot be found elsewhere in the region. Supplemented with fashion retailers such as Zara, Superdry, Hollister, Topshop and H&M Midsummer Place is the focus for fashion shopping in Milton Keynes.
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £371bn of assets on behalf of more than 3,300 clients (31 December 2011) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.6bn as at 31 December 2011.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
For more information please contact:
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.