Legal & General signs up M&S at Faraday Retail Park in Coatbridge.
24 September 2012
Legal & General Property (“LGP”) announces that, on behalf of the Life Fund, it has secured Marks & Spencer Simply Food as a tenant at Faraday Retail Park, Coatbridge, North Lanarkshire, signalling the conclusion of the latest phase of its extensive, five year asset management programme.
Marks & Spencer Simply Food has taken unit four at the Park, comprising 10,000 sq ft on a new 15-year lease. The letting follows a comprehensive asset management programme, which included the £9 million development of four additional units on the site of the old Tesco store, totalling over 41,000 sq ft of new space, which were successfully let to JD Sports, Mothercare, Currys and Outfit on 10 year terms.
Located in Coatbridge, North Lanarkshire, Faraday Retail Park is an open A1 park that provides circa 270,000 sq ft of retail space across 15 units. Other tenants include Tesco, Next, Brantano, Matalan, Argos and Pets at Home. The park benefits from very strong transport links which include easy access to the South Circular road and Glasgow’s suburbs.
James Whitehill, Senior Fund Manager at Legal & General Property, commented:
“The letting to M&S Simply Food is a continuation of our successful strategy to improve the tenant line up at the Park, enhancing not only the covenant strength and lease profile of this well-located scheme, but also the retail offer, driving both further footfall and occupier demand.”
Colliers International, Wilkinson Williams and Appleton Craig acted on behalf of LGP, and DWR advised M&S.
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.