Legal & General completes series of lettings on Covent Garden Estate.
04 September 2012
Legal & General Property (LGP) announces that it has secured five new lettings on the office element of its Covent Garden Estate. New office lettings include:
• MG Promotions Ltd, a merchandising and events company, has taken an FRI lease on 473 sq ft on the 4th floor of 388 Strand, WC2, at a rent of £28.50psf.
• Plena Capital Ltd, an investment house, has taken an FRI lease on 1,037 sq ft on the 5th floor of Centric House, 390 Strand, WC2 at a rent of £40.50psf.
• Nick Lambeas Consulting Ltd, a recruitment consultancy, has taken an FRI lease on 1,018 sq ft on the 4th floor of Centric House, 390 Strand, WC2 at a rent of £41.50psf.
• Blow Inc, a fashion PR company, has taken an FRI lease on 2,073 sq ft on the ground and lower ground floor of 31-32 Bedford Street, WC2 on a short term lease to March 2013.
• Kea Consultants, the finance recruitment specialist, has taken an FRI lease on 1,396 sq ft over the 4th and 5th floors of Bedford House, 2-3 Bedford Street, WC2 at a rent of £33.50psf.
All four buildings form part of LGP’s 210,000 sq ft mixed-use Covent Garden Estate portfolio, which has undergone a programme of significant asset management to capitalise on growth opportunities since it was purchased from ING Covent Garden Limited Partnership in December 2009. Additionally, the major redevelopment of 6 Agar Street, which forms part of the portfolio, is due for completion in October. The delivery of this Grade A, 57,000 sq ft, six-storey development coincides with a particularly constrained supply of West End office space, and is one of the biggest development schemes in Covent Garden to complete this year.
Michael Barrie, Director of Fund Management at Legal & General Property, said: “Reflecting our wider proactive approach to asset management, in order to drive values across the platform, we are extremely pleased with the continued progress that we have made across the Covent Garden Estate. Identifying a number of value add strategies, we continue to invest in this high quality, well situated portfolio to take advantage of the strong occupier demand characteristics of the Covent Garden area.”
Simon Lee, Partner at EA Shaw, adds: “We are delighted to have completed these recent lettings. Covent Garden is a highly desirable area for occupiers looking to place themselves between the West End and City, with great facilities and amenities on the doorstep. Demand for space in the Covent Garden and Midtown area continues to hold up, and with a limited development pipeline ahead we expect to see rental growth for our landlord clients in the area over the next few years.”
EA Shaw and Hanover Green acted on behalf of Legal & General, Blow Inc was represented by Monmouth Dean, and MG Promotions, Plena Capital, Nick Lambeas Consulting and Kea Consultants were unrepresented.
More information on Legal & General Property’s Covent Garden holdings is available at www.coventgardenestate.com
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
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.