LGP pre-lets 54,000 sq ft at Stockley Park.
09 January 2013
Legal & General Property (LGP) announces that, on behalf of its Linked Pensions Fund, it has simultaneously completed three surrenders and two pre-lets at 4 The Square, Stockley Park, as it prepares to launch its full refurbishment of the key office asset.
Hasbro, the global toys and games retailer, has taken a pre-let on 49,971 sq ft of office space on the ground, first and half of the second floor on a ten year lease, at a rent of £28.75 per sq ft. Rocket Software has also taken a pre-let on 4,089 sq ft on the second floor, on a new year ten year lease, at a rent of £29.50 per sq ft, having surrendered its existing lease at the property.
With pre-lets in place on approximately 66% of the asset, a full refurbishment of the property is due to begin imminently and is expected to reach practical completion in 2013. In order to make way for this refurbishment programme, surrenders were also secured to Cisco Systems and Almirral, both of which were no longer in occupation at the building and due to terminate their contracts in mid 2014.
LGP acquired No 4 The Square, Stockley Park, in 2009. Built in 1999, the property provides 81,403 sq ft of office space, arranged over ground and three upper floors, together with 356 car parking spaces within a landscaped site. Knight Frank is currently marketing the remaining 27,000 sq ft, comprising the entire third floor and part of the second.
Will Edwards, Fund Manager at Legal & General Property, commented: “Stockley Park is a premier office scheme, situated in an excellent strategic location. Taking an active approach to asset management, we have put an initiative in place that we believe will not only significantly enhance the asset’s position within the park but protect its value over the medium to long term.”
Terry Dowdell, of Hasbro UK Limited, added: “Hasbro is pleased to be moving into a new space at Stockley Park that will provide our employees with a great working environment.”
LGP was advised by Knight Frank; Cisco Systems was represented by Jones Lang LaSalle; Rocket Software and Almirall were advised by CBRE; and Hasbro was advised by DTZ.
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 outperformance 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.