Legal & General secures sale of midsummer place milton keynes to intu.
27 February 2013
Located in Central Milton Keynes, Midsummer Place acts as the town’s premier fashion-led retail offer, providing more than 420,000 sq ft of retail space over 50 units within a single-level mall. Focussed on delivering high brand fashion within a first-rate shopping environment, existing tenants at the centre include Hollister, Superdry, Zara, Apple, GAP, Coast, Karen Millen and Hobbs, and it is anchored by Debenhams and H&M.
With a total of approximately 17.5 million visitors recorded for 2012, against challenging wider economic trends, the Centre has enjoyed strong year on year increases in footfall. Approximately 91% of the income from the Centre is secured against national and international retailers and the weighted average unexpired lease term is in excess of six years.
Michael Barrie, Director of Fund Management at Legal & General Property, comments: “Midsummer Place today represents one of the UK’s best performing regional malls and this has been further evidenced by the strong interest it received when we brought it to market at the end of last year.
“We acquired the asset in 2003 and over the course of our ownership have implemented a number of important asset management strategies, in order to consistently improve the high quality fashion-led retailer line up and bolster footfall year on year, driving it to perform significantly ahead of its benchmark. Our exit allows us to recycle capital into other market opportunities and to capitalise on LGP’s strong asset management and development capabilities."
Completion of the sale is expected to take place at the end of March 2013.
Cushman & Wakefield acted for Legal & General Property.
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.