LGP: Carluccioâ€™s and Primark sign up at Bracknell.
09 December 2013
The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Property and Schroder Property, announces that it has secured lettings to Carluccio’s and Primark in Bracknell’s town centre, adding further momentum to the major regeneration programme.
Carluccio’s, the popular chain of authentic Italian caffés and food shops, has taken a 3,606 sq ft unit opposite M&S and H&M on a 20 year lease. The first Carluccio’s restaurant was opened in 1999 at Market Place in London. Today, Carluccio's operates from over 70 UK locations, maintaining its high quality reputation. Primark, the high street fashion retailer, has also taken a two level store in the redeveloped town centre, adding to the strong mix of retail brands.
These are the latest two lettings that BRP has secured for the redevelopment of Bracknell’s town centre and follow the recent announcement that Zizzi will be taking a 3,300 sq ft building on a 15 year lease and that Nando’s is taking a 6,000 sq ft unit on a 20 year lease. Other recent lettings activities include news that M&S had taken a pre-let on an 80,000 sq ft store, Cineworld has agreed to take a 12-screen, 41,500 sq ft cinema, and H&M has signed a pre-let on a 26,000 sq ft retail unit.
Neil Crawford, Retail Development Manager at Legal & General Property, commented: “Sitting opposite M&S and H&M, Carluccio’s will straddle the retail and catering offer, trading strongly throughout the entire day and setting a new quality benchmark. These two significant further pre-lets demonstrate the continuing momentum that is gathering in the regeneration of Bracknell town centre and will act as catalysts in attracting further major national operators to the town centre that have not previously been represented.”
Ian Mason, Head of UK Property Fund Management at Schroders, added: “Working closely with Bracknell Forest Council, we continue to make strong progress in attracting a high quality, vibrant and diverse mix of fashion retailers and family orientated restaurant operators to meet the needs of Bracknell’s discerning catchment area. The target is for Bracknell to become a ‘best in class’ regional shopping and leisure destination and regain its position in the retail hierarchy.”
CBRE and Lunson Mitchenall advised BRP on the lettings.
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 £443bn in assets on behalf of more than 3,100 clients (30 September 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 £11.6bn as at 30 September 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.
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About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.