Legal & General acquires Thales HQ in Crawley for Â£80m.
08 January 2013
Legal & General Property (LGP) announces that it has acquired Thales’ UK Headquarters, Sapphire Campus in Crawley, from SEGRO for circa £80 million.
The property comprises two Grade A office buildings and a research/development facility, totalling approximately 371,319 sq ft. It is let to Thales, the major French electronic systems company, which is currently the largest local employer and has been further expanding its presence in Crawley through the consolidation of its south east operations. The asset is let for a further 13 years and is subject to minimum rental uplifts of 2.5%.
The campus was purpose built for Thales by SEGRO in 2007 and is fully occupied. Situated on London Road, in the Manor Road commercial district, it is located approximately 1.5 miles north of Crawley town centre and 2.5 miles south of Gatwick Airport.
Gordon Aitchison, Director of Investment and Development at Legal & General Property, comments: “Situated in a strategic area, with immediate proximity to Gatwick airport, and let to a strong covenant, Sapphire Campus provides us with an attractive running yield and fixed rental increases for the duration of the lease. Thales has a long history of occupation in Crawley and has invested significantly in this site, which is its UK Headquarters, demonstrating its continued commitment to the town through its further expansion of operations.”
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 £391bn of assets on behalf of more than 3,300 clients (30 September 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
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.