Cineworld set to come to Bracknell.
26 September 2012
The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Property and Schroders, has agreed a pre-let to the UK’s number one cinema chain by box office, Cineworld, for a 12-screen, 41,500 sq ft cinema on a key site in the north of Bracknell’s town centre on a 25 year lease.
The site, which forms part of the comprehensive redevelopment of the northern part of the town centre, will be surrounded not only by new retail facilities but also by a collection of quality family orientated restaurants which will provide a significant boost to Bracknell’s evening economy. The cinema will have 12 screens, the latest with 3D technology. The building has been carefully designed to integrate closely with new retail and car parking provisions, as well as providing the most up to date technology and the highest quality of customer experience.
Cineworld, which already operates 79 cinemas across the UK and Ireland, is one of the market leaders in 3D and is committed to improving the customer experience, including by innovation. In March 2012, Cineworld became the first and still is the only cinema operator in the UK which does not charge its customers a booking fee, and gave the added benefit of a 10% reduction for all on-line bookings made via its innovative MyCineworld portal.
Steve Wiener, CEO of Cineworld, comments: "Naming additional sites today, including Bracknell, shows the strength of our pipeline. We are delighted to partner with Bracknell Regeneration Partnership in recognition of our qualities as a development partner and look forward to demonstrating the footfall we drive to sites even in difficult times.”
This latest agreement forms part of BRP’s drive to secure key pre-lets in order to bring forward the redevelopment of the northern element of Bracknell Town Centre and follows the successful completion of a 36,000 sq ft Waitrose supermarket on a strategic site in the north-west of the town centre. The store, which embodies the highest standards of sustainability seen in retail development to date, was successfully completed and opened at the end of 2011.
Simon Russian, Head of Retail Development at Legal & General Property, says:
“This pre-let signifies a major step forward in the regeneration of Bracknell Town Centre and the delivery of a vibrant retail and leisure offer in the North of the town centre. Given its market leading reputation and commitment to customer service, in signing Cineworld up as one of the town’s anchor tenants, we continue to prove the quality of operators that we are looking to partner with.
“Furthermore, having worked together closely for some time to integrate Cineworld’s requirements into our scheme, we feel confident that this complements our wider plans and will boost the town’s night time entertainment offer. This is only part of our plan to make Bracknell Town Centre a vibrant shopping and leisure destination.”
Ian Mason, Head of UK Property Fund Management at Schroders, adds:
“This announcement marks an important milestone in Bracknell’s evolution and will act as a further catalyst in our ability to attract major national operators to the town centre that have not previously been represented. We have a number of other leading occupiers who we are in discussions with at present and look forward to making additional announcements as and when appropriate.”
CBRE and Lunson Mitchenall advised BRP on the letting and Wareing and Partners acted for Cineworld.
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 £381bn of assets on behalf of more than 3,300 clients (30 June 2012) 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 £10.4bn as at 30 June 2012.
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 and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
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