LGP secures first pre-let at M6EPIC.
16 December 2013
Legal & General Property (“LGP”) announces that, together with its joint venture partner, Barwood, it has secured its first pre-let at M6EPIC, its recently acquired c.34 acre industrial site in South Lancashire Industrial Estate. Located on Lockett Road, near Wigan, the site is in close reach of the M6.
UK-based fresh fruit and vegetable supplier, Dole Fresh UK, has agreed terms to take a new bespoke banana ripening facility comprising just over 61,000 sq ft on a 20 year lease. Dole Fresh UK is a subsidiary of Compagnie Fruitiere, the largest producer of fruit in Africa, the Caribbean and the Pacific region. Construction of the new facility has recently started on site with completion due in summer 2014.
Purchased on behalf of LGP’s Linked Pensions Fund earlier this year, the site has detailed planning permission for a further 515,000 sq ft of distribution warehouse units. LGP and Barwood are currently in discussions with a number of parties for large scale facilities on the site.
Will Edwards, Fund Manager at Legal & General Property, commented: “Following quickly on the heals of our successful planning consent at the end of October, the speed with which this pre-let has taken place is a clear testament to the strength of this market and attractive underlying fundamentals of the scheme. Located 1.5 miles from the M6, in a well established strategic distribution hub, this asset provides bespoke design and build opportunities for occupiers looking to service the North West region and beyond.”
Andrew Dickman, Director at Barwood, commented: "We are delighted to secure the first tenant on the scheme within such a short space of time which we believe was down to providing Dole Fresh with certainty over delivery timescale and by having detailed planning, infrastructure and funding in place. This certainty is proving attractive to other occupiers on the remaining 31 acres where we can accommodate bespoke facilities from 50,000 sq ft upwards”.
The Linked Pensions Fund was launched in 1977 and benefits from a diverse exposure to a broad range of UK freehold and leasehold property. It currently has an NAV of approximately £650 million (as at the end of November 2013) and invests in all main real estate asset sectors.
Retained agents on the scheme are B8 Real Estate, Moriarty & Co and CBRE. Doherty Baines represented Dole Fresh.
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.
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.