LGP secures 31 acre site, signalling largest North West Industrial Land transaction in over a year.
17 January 2013
Legal & General Property (LGP) announces that, together with its joint venture partner, Barwood, it has acquired a 31 acre industrial development site near Wigan from Georgia Pacific, in what is believed to be the largest industrial site purchase in the North West of England in over 12 months.
LGP will be submitting a planning application to build two single, cross-docked warehouse units comprising of 555,000 sq ft and 100,000 sq ft, which will be available on a design and build basis. Located on Lockett Road in South Lancashire Industrial Estate, near Wigan, the site is situated in an established distribution hub in close reach of the M6.
The site has been acquired on behalf of LGP’s Linked Pensions Fund (the “Fund”) and Barwood will act as the development manager. The Fund was launched in 1977 and benefits from a diverse exposure to a broad range of UK freehold and leasehold property. It currently has over £687 million of commercial property assets (as at end September 2012) and invests in all main real estate asset sectors.
Will Edwards, Fund Manager at Legal & General Property, commented: “This transaction provides the Fund with exposure to an attractive distribution development opportunity in a strong location, close to the M6, with little competing supply and considerable demand prospects.”
Andrew Dickman, Director of Barwood, said: “This is the first site that we have acquired since establishing the new North West office of Barwood a few months ago and we are delighted to have secured this strategic site. The site is only 1.5 miles from the M6 in one of the UK`s distribution hotspots. We believe it will be of interest to a number of retailers and logistic operators looking for prime distribution space in the North West. Importantly, we are able to deliver bespoke units for occupiers – ready for occupation within nine months – as we will have a detailed planning consent and services are already in place.”
Mike Walker, Director of CBRE, added: “This deal demonstrates the continuing strength of the North West industrial market. There are now no new big sheds currently available and there continues to be extremely healthy take-up of space in the sector throughout the North West region. This means if occupiers are looking for new accommodation they will have to go down the design & build route for procurement.”
CBRE acted for LGP and Barwood on the transaction. CBRE, B8 and Moriaty & Co have been appointed as the joint agents on the development going forward.
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 £381bn of assets on behalf of more than 3,300 clients (30 June 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, Hounslow 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
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