Arcadia takes major pre-let at Bracknell
The Bracknell Regeneration Partnership ("BRP"), a 50:50 Joint Venture between Legal & General Capital ("LGC") and Schroder UK Real Estate Fund ("SREF"), has announced that is has successfully agreed a 20,000 sq ft pre-let to Arcadia at its Northern Retail Quarter development in Bracknell Town Centre.
Arcadia has taken 20,000 sq ft, bringing four relocated and expanded stores, Topshop, Topman, Dorothy Perkins and Burtons, to prime positions within the regeneration of the town centre, immediately opposite the Fenwick Department Store. The combined store is to be built over two levels and will provide the opportunity for shoppers to purchase their favourite fashion brands from the Arcadia fascias.
With over 59% of the scheme (by area) having been pre-let or delivered, BRP will start construction work later this month, with completion targeted for Spring 2017. It was recently confirmed that the main contractor for the scheme will be Mace. The scheme is to regenerate Bracknell Town Centre and provide new retail, leisure and residential apartments, within landscaped public spaces. The development’s principle occupiers in addition to the Arcadia brands will be Fenwick, Marks & Spencer, Primark, H&M and a 12 screen Cineworld multiplex, in addition to the existing highly successful Waitrose store.
James Lass, Fund Manager for Schroder UK Real Estate Fund, commented: "With a significant and exciting pre-let to Arcadia now confirmed, it is clear that occupier interest is gaining strong momentum as we move towards commencing construction work on this transformational scheme later this month. We are confident that the scheme will redefine Bracknell’s shopping and leisure offering, and will provide the town with a varied and vibrant retail environment once the scheme opens in just over two years’ time."
Paul Stanworth, Managing Director of Legal & General Capital, said: "We have liaised closely with Arcadia over the last couple of years to ensure the right proposition for its popular, multi-faceted brands and that it forms a significant part of the town centre regeneration, joining an impressive line-up of retailers. It is of upmost importance to us that the new face of Bracknell delivers a wide, varied range of quality retail and leisure options that appeal to all tastes and demographics within our discerning catchment area."
Timothy Wheadon, Chief Executive of Bracknell Forest Council, commented: "Arcadia is one of the UK's biggest and most influential fashion retailers and so to have the company sign-up to such a huge store in our new town centre is very welcome news. Arcadia joins a growing list of retailers opening their doors in Bracknell town centre in Spring 2017 as part of the much anticipated regeneration; it truly is a very exciting time for Bracknell Forest residents, businesses and visitors."
NOTES TO EDITORS
Legal & General Capital
Legal & General Capital ("LGC") manages the principal investments of the Group. In 2014 LGC contributed £203m (16%) to the Group’s Operating Profit. As at 31st December 2014, LGC managed £5.1bn Group Capital funds, which support the long term insurance reserves of the insurance entities. LGC works closely with Legal & General Property ("LGP") in developing investment opportunities and co-investing with Legal & General Retirement and LGP’s £15.5bn funds under management.
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £16.2bn (as at 19
th February 2015) and is responsible for investing £676bn worldwide (as at 30th September 2014) on behalf of investors, policyholders and shareholders. We have over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2013, Legal & General's profits before tax (on the IFRS basis) were £1,134m and earnings per share were 15.20p for the period, an increase of 10% for both respectively.
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Schroder UK Real Estate Fund – "SREF"
The Schroder UK Real Estate Fund ("SREF"), previously known as Schroder UK Property Fund (SPF), is Schroders’ flagship real estate fund launched in 1971, which is currently valued at £1.8 billion (at 31 December 2014). A property authorised investment fund, it offers diversified exposure to UK commercial property. Managed by a team of market-leading professionals, SREF is growing year-on-year both through value enhancement and new strategic acquisitions.
Schroder Real Estate
Schroders has managed real estate funds since 1971 and currently has £11.7 billion
[i] (€15.1 billion /US$18.3 billion) of gross real estate assets under management as at 31 December 2014.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit
Schroders is a global asset management company with £300.0 billion (€386.6 billion/US$467.8 billion) under management as at 31 December 2014. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
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[i] Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM
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