Press releases

Legal & General sells leashold interest in Walbrook Square to Bloomberg.

27 January 2011

Legal & General has sold a long leasehold interest in its prime Walbrook Square site to Bloomberg LP for the development of its new headquarters in the UK.

Legal & General Property has been working with Bloomberg LP and its development manager Tishman Speyer for a year to secure the Bloomberg LP occupation.

Bloomberg LP will develop a prestigious headquarters of over 500,000 sq ft and the remainder of the site for high quality offices.

Legal & General will retain the freehold interest and has the right to participate in the speculative development and for an agreed period a right of first refusal if the completed building is sold.

Helen Gordon of Legal & General Property said:
“As one of the largest sites in the City, our strategy was to secure an occupier to trigger development. We are delighted that Bloomberg LP has chosen the site for their UK HQ and given us the opportunity to participate in the future of the development. We are confident it will be a high quality scheme reflecting the importance of the site.”

Nigel Fox of Capital Real Estate Partners and Clifford Chance acted for Legal & General and BNP Paribas and Linklaters acted for Bloomberg LP.

Note 1:
The site was sold to Metrovecasa in 2007 for £252m and Legal & General reacquired it in August 2009 when Metrovecasa paid £160m and returned the site.

Note 2:
The site has planning consent for 948,000 sq ft of offices and retail and demolition commenced in May 2010.

- Ends -

Notes to editors

Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM) and one of the largest institutional property fund managers in the UK. LGIM had funds under management of over £320bn as at 30 June 2010, whilst LGP manages or co-manages 15 separate funds or vehicles and a segregated mandate, with an aggregate asset value of over £9.3bn as at 30 June 2010. 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; and LPI Income 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. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.

LGP’s sector specialism’s 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 two further high profile London schemes, Walbrook Square and Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.

For more information please contact:

Steve Leach

Steve Leach
PR Manager Investments

t: +44 (0) 2031 242096

About Legal & General

Legal & General Investment Management Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 2091894.

t: +44(0) 20 3124 2096

About Legal & General

Legal & General Property Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.