Press releases

LGP completes trio of lettings at Jackson Square shopping centre, Bishop's Stortford.

20 November 2012

Legal & General Property (“LGP”) announces that, on behalf of its Managed Fund, it has secured lettings to New Look, Pandora and Sports Direct at Jackson Square Shopping Centre in Bishop’s Stortford, which it purchased from Kandahar last year, representing the first deals at the Centre in approximately five years.

In the latest of the three deals, Pandora has taken a 10 year lease on an 870 sq ft unit on at a rent of £40,500 per annum.  In addition, New Look, which was previously represented at the scheme, has relocated from a much smaller unit to take a store providing 2,500 sq ft of sales space on a new 10 year lease at a rent of £95,000 per annum.  These deals follow closely off the back of a letting of the former Peacocks unit to Sports Direct on a new 10 year lease at a rent of £85,000 per annum.

The Centre comprises a total of over 200,000 sq ft of retail accommodation, having been extended by 100,000 sq ft in 2007.  Anchored by a Sainsbury’s supermarket, Jackson Square has a wide range of major retail brands including Next, Monsoon, Superdrug, Wilkinsons and Argos.

Mark Russell, Fund Manager to the Managed Fund at Legal & General Property, commented:
“These are the first lettings to have been concluded at Jackson Square in a considerable amount of time and show the benefits of our hands on approach. Pandora and Sports Direct are new entrants to the town and New Look has demonstrated further commitment to the Centre by increasing its representation. These lettings serve to enhance the retail offer at the centre and will have a positive impact on footfall which will be a precursor to other asset management initiatives we have in the pipeline.”   

Green & Partners and GCW act as joint letting agents for LGP on the scheme. Stephen Kane & Co represented Pandora; Savills advised Sports Direct and New Look represented itself.

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 September 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

Balanced Funds
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:

Olivia Goodall
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

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