LGP acquires Broadway Shopping Centre in Maidstone.
01 November 2013
Legal & General Property (“LGP”) announces, on behalf of its Linked Pensions Fund, that it has purchased Broadway Shopping Centre in Maidstone from CBRE Global Investors for £9.45 million, reflecting a net initial yield of 7.7%.
Occupying 2.9 acres, the property comprises two large retail warehouse units and seven shops, totalling 79,653 sq ft, as well as 384 car parking spaces arranged over two decks. Situated in a prominent location to the west of the town centre, the edge-of-town retail warehouse scheme fronts Broadway, the main road leading from the centre of town that links with the London Road (A20). It is anchored by Lidl and Matalan, who have lease expiries in 2020.
Adjoining the scheme to the north is one of the principal retail warehouse locations in the town, with occupiers including TK Maxx, Asda Living, Hobbycraft, Wickes and a former Homebase unit which is now prelet to The Range. To the south of the Broadway is a B&Q and close to this is the modern Locks Meadow Leisure Park with occupiers including Odeon, David Lloyd, Burger King and Frankie & Benny’s.
Will Edwards, Fund Manager at Legal & General Property, commented: “The acquisition of this well located multi-let retail warehouse park provides the Fund with an attractive income return and the opportunity to derive additional value from asset management initiatives over the medium to long term.”
GCW acted for CBRE Global Investors and LGP was advised by Wilkinson Williams.
Notes to editors
Legal & General Property
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 £433bn in assets on behalf of more than 3,100 clients (30 June 2013) 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 £11bn as at 30 June 2013. 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 West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
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.