LGP completes letting to Family Bargains at Lewisham Retail Park.
21 August 2012
Legal & General Property (“LGP” / the “Company”) announces that, on behalf of its Linked Pensions Fund, it has agreed a surrender of Carpetright’s lease at Lewisham Retail Park and re-let the unit to 99p Stores Limited, trading as Family Bargains.
Family Bargains, which is 99p Stores’ larger, out-of-town format, has taken Unit 3 at the park, comprising 10,120 sq ft, on 10 year lease at a rent of £318,750 (£31.50 per sq ft). Lewisham Retail Park is a four-unit retail scheme situated opposite Lewisham station and close to Lewisham town centre. Other occupiers at the park include Matalan, Sportsdirect.com and Mothercare.
Commenting, Will Edwards, Fund Manager at Legal & General Property, said: “Complementing the current line up at the park, this letting to Family Bargains forms part of a wider asset management programme. 99p Stores has traded successfully throughout the recession and we feel that this occupier makes a welcome new addition to the park, helping to enhance its offer and drive further strong footfall.”
Colliers International acted for Legal & General Property, Proteus Property acted for 99p Stores and Harvey Spack Field acted on behalf of Carpetright.
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 regeneration projects, including Bracknell, 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.