Press releases

Legal & General Property kick starts retail warehouse development at Faraday Retail Park - Three Pre-Lets already secured.

27 January 2011

Legal & General Property (“LGP”), today announces that, on behalf of the Life Fund (“the Fund”), it has pre-let three retail warehouse units on the site of a former Tesco supermarket, at Faraday Retail Park, Coatbridge, North Lanarkshire and has started work on site demolishing the existing building.

Three of the four units, which range in size from 9,500 sq ft to 14,000 sq ft, have been pre-let to Currys, Mothercare and Arcadia, trading as Outfit, on 10-year leases. The lettings have taken place at rents in the region of £19-£20 psf, further driving rental levels on the park. The remaining unit will provide 7,180 sq ft and there is good demand for this accomodation.

The site of the former Tesco unit has been vacant since 2005, when LGP relocated the supermarket to a larger 103,000 sq ft anchor unit within the retail park. LGP has sucessfully gained planning consent for the redevelopment of the exisiting unit to provide four new retail warehouse units totalling circa 41,000 sq ft, along with additional mezzanine floorspace.

Located in Coatbridge, North Lanarkshire, Faraday Retail Park is an open A1 park that provides circa 270,000 sq ft of retail space across the 11 existing units which were recently refurbished. Existing tenants include Tesco, Next, Argos and Matalan. The park benefits from very strong transport links which include easy access to the South Circular road and Glasgow’s suburbs?.

James Whitehill, Senior Fund Manager at Legal & General Property, commented:

“The development of these four new retail units at Faraday Retail Park is in line with the Fund’s strategy of driving asset management activities to underpin outperformance.

“This new development immediately adds value to the park whilst providing opportunities to further enhance rental levels over the medium to long term. The new tenant line-up re-positions the park and adds to its already strong retail offer, which should in turn attract additional occupiers to the scheme. The new units also provide an opportunity to re-invigorate the already Open A1 dominated tenant mix, which will further add to the overall appeal of the park to its shoppers.”

- 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 £342bn as at 30 September 2010, whilst LGP manages or co-manages 16 separate funds or vehicles and 2 segregated mandates, with an aggregate asset value of over £9.4bn as at 30 September 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.