L&G welcomes five of Five Guys
Legal & General Investment Management Real Assets (L&G) announces that it has secured five major lettings across its UK real estate portfolio of retail and leisure properties to Five Guys, one of the fastest organically grown restaurant businesses in the UK.
Five Guys, the renowned US burger restaurant chain, has opened units at Valley Centertainment in Sheffield, Overgate Shopping Centre in Dundee and Ashton Leisure Park in Ashton-under-Lyne, representing a total of around 10,000 sq ft of space.
L&G has also secured further lease agreements at Meridian Leisure Park in Leicester and on a 3,938 sq ft unit in Aberdeen, located in the prime pitch on St Nicholas Street between the Bon Accord Centre and Union Street. The restaurants are due to open in the last quarter of 2016. These five openings and lettings in 2016 follow in quick succession after L&G opened its first Five Guys on Friary Street, Guildford in 2015.
The openings in Dundee, Ashton-under-Lyne and Sheffield mark significant additions to the individual existing retail and leisure offers, broadening the choice for customers, providing a new experience and helping to raise the tone at each site. In Ashton-under-Lyne, L&G welcomes Five Guys as one of three operators that were previously pre-let at the leisure park, further diversifying the tenant line-up and food offering. The five lettings have been secured on 15 year leases.
Andrew Ferguson, Fund Manager at L&G, said: “Welcoming Five Guys to a range of L&G’s leisure sites demonstrates the strength of our leisure portfolio and the ability of our assets to attract and work closely with leading operators. Three of the new sites are already trading well and have collectively raised the tone of their schemes to great effect. We continue to see huge demand for a diverse and high-quality food and drink offer throughout the leisure sector.”
John Eckbert, UK CEO at Five Guys, said: “We have a great relationship with the team at L&G who has taken time to really understand our business and adapt to our requirements. We look forward to launching our restaurants in Leicester and Aberdeen, which will mark our fifth opening secured through L&G. Since launching in the UK in 2013, Five Guys has received a cult like following across the country and we currently have 47 restaurants. Additionally, in March this year, Five Guys hit top spot in MarketForce’s UK study for Food Quality, Cleanliness and Staff Friendliness. This yielded us the ‘nation’s favourite’ accolade!.
“The success of Five Guys is down to our simple approach in serving fresh, quality burgers and fries in a clean, energetic environment. Our belief is that every burger should be bespoke, so we give our customers complete control over their order. Our Five Guys menu is simple but 100% customisable, meaning there are over 250,000 possible ways to order a burger and over 1,000 ways to customise a Five Guys milkshake.”
For further information please contact:
PR Manager, LGIM Real Assets
Tel: 020 3124 2823
Notes to editors:
LGIM Real Assets:
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £842bn in assets on behalf of over 3,200 clients (as at 30 December 2015), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £21.1bn (as at 30 June 2016) and is responsible for the division’s direct investment capabilities in property and infrastructure. LGIM Real Assets is made up of three specialist divisions, Legal & General Property (LGP), its property fund management arm, LGIM Infrastructure, its specialist infrastructure lending and investment division, and Commercial Lending Limited (CLL), its commercial lending arm.
LGP is the fourth largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £17.7bn (30 June 2016). These funds include:
- Balanced Funds
- Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- 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.
LGIM Infrastructure has concluded 18 debt investments to date across all key infrastructure sectors and has a total AUM of around £1.6bn.
CLL has now invested a total of over £1.8bn across 19 deals. Transactions include eight loans to the social housing sector, two loans to the student accommodation sector, two hotel debt deals and two loans to the care home market.