Press releases

lgp secures forward funding of waitrose development in greenwich.

15 June 2012

Legal & General Property (LGP) announces, on behalf of its UK Property Unit Trust (PUT), that it has agreed to forward fund the development of a Waitrose supermarket on Galliard Homes’ New Capital Quay.

LGP, advised by Tudor Toone, has agreed the purchase of the site at Norway Street, Greenwich, for the development of a 31,126 sq ft Waitrose unit on a 999-year long leasehold.  Waitrose has taken a 25-year pre-let on the development at a rent of £825,000 pa, with fixed yearly uplifts.  

With an end value of approximately £15.6 million, the site is part of Galliard Homes’ New Capital Quay scheme, which is set to deliver twelve blocks totalling 980 units of private and affordable residential apartments.  It also includes 150 public car parking spaces in a large carpark which is being built as part of the development.

The deal comes just days after LGP’s PUT announced that it has completed another forward funding deal on a development let to Waitrose for 25 years, having entered into a £18.5 million deal with Valad Europe and Stirling Council on Burghmuir Retail Park in Stirling.

Construction of the Waitrose supermarket at Greenwich is already underway and is expected to be completed in Spring 2013.  Two thirds of the private apartments around it were sold from plan in 2007 at what proved to be one of London’s most successful sales launches.  Galliard Homes Limited will be releasing for sale the final 200 flats at its Greenwich Regeneration Sales Launch at Park Plaza Westminster Bridge, 30th June - 1st July (for more information visit

Matt Jarvis, Fund Manager at Legal & General Property, comments: “With forward funding deals forming a growing part of our investment focus, given the widening development finance gap, this represents yet another great opportunity for Legal & General to access a prime located, south east based development scheme let to one of the UK’s strongest covenants.  Benefitting from the regeneration of the Greenwich peninsula this site presents an excellent chance to invest in a densely populated area with good transport links and substantial residential accommodation under construction. The long term nature of the lease to Waitrose, alongside the fixed uplifts and strong covenant, will provide the Fund with an excellent core asset.” 

Launched in 2006, the PUT has outperformed the Lipper Property IMA Sector peers over one, three, and five years. Benchmarked against the Lipper Property IMA and IPD Balanced Monthly Index Funds, its investment objective is to achieve income and capital growth through diversified investment in UK commercial property with a focus on property selection and active management within a research-driven risk/return framework for portfolio construction.  The fund is highly regarded amongst consultants and advisors, and one of the very few property funds in the sector continuing to see steady inflow of capital from both Retail and Institutional investors.

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 £347bn of assets on behalf of more than 3,300 clients (30 September 2011) 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 17 separate funds or vehicles and two segregated mandates with an aggregate asset value of over £10.4bn as at 30 September 2011. 

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; 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:

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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Registered in England 2091897.