LGP enters into exclusivity agreement with the London Borough of Hounslow to deliver phase II of Blenheim Centre and unveils first plans.

27/01/2012

Simon Russian
Head of Retail Development

Legal & General Property (LGP) announces that it has entered into an exclusivity agreement with The London Borough of Hounslow to explore options for delivering Phase II of the Blenheim Centre, which will form an important link between Phase I of the Blenheim Centre and the High Street. Unveiling its vision for how the next phase of the development could look, LGP has this week released first plans for the site.

Phase I of the Blenheim Centre comprises 129,512 sq ft of retail, leisure healthcare and restaurant accommodation, together with a 409 space car park in the basement, and is anchored by a 77,000 sq ft Asda superstore. It was purchased by LGP in 2010 and, where the previous owners left off, LGP is now working towards bringing forward the next phases of Hounslow, the town centre’s major redevelopment programme.

Simon Russian, Head of Retail Development at Legal & General Property, said:
“This project offers an excellent opportunity to deliver new shops, leisure facilities and public spaces that will help revitalise Hounslow Town Centre and create hundreds of new jobs for local people.

“We look forward to furthering our proposals as we continue our discussions on the scheme and develop our plans over the coming months in order to make it possible to bring forward a scheme that is not only financially viable but best serves the needs of the community and helps kick start the wider regeneration of the town centre.”

Lee Dawson, Director of Corporate Property and Project Co-ordination at Hounslow Council, said:
“Local people been waiting a long time for the town centre to be redeveloped and this agreement brings us a step closer to that goal.

“This shows that despite the current economic outlook, investors see the potential of the town and are prepared to put money into the area.

“Legal and General Property has a strong track record of delivering major, successful development and regeneration projects, and we look forward to seeing the plans for the site.

“We will be continuing to press ahead with our wider plans for the town centre, which will create jobs and opportunities for years to come.”

Notes to editors

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 £362bn of assets on behalf of more than 3,300 clients (30 June 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 17 separate funds or vehicles and two segregated mandates with an aggregate asset value of over £10.4bn as at 30 September 2011. 

These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; UK Logistics 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
Balanced Funds
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.

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