L&G and Schroders commit to £200m regeneration of Bracknell
The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Capital (“LGC”) and Schroder UK Property Fund (“SPF”), together with Bracknell Forest Council, announce that they have gone unconditional on the major development of the Northern Retail Quarter. This news paves the way for construction to commence in Spring 2015.
BRP will regenerate Bracknell Town Centre and provide new retail, leisure and residential developments, within landscaped public spaces. The development’s principle occupiers will be Fenwick, Marks & Spencer, Primark and a 12 screen Cineworld multiplex, in addition to the existing highly successful Waitrose supermarket. The regeneration will begin this Spring and will be completed by Spring 2017.
Paul Stanworth, Managing Director of Legal & General Capital, said: “Legal & General wants to regenerate cities and towns across the UK, and today’s announcement shows what can be done in partnership with a forward thinking Council and a committed partner with shared aims and values. The UK is a great place to invest, pension funds and sovereign wealth funds want to invest here in infrastructure, direct investments and property.”
James Lass, Fund Manager for Schroder UK Property Fund, commented: “Today’s landmark announcement further underlines our wholehearted, long term commitment to creating a high quality retail and leisure destination in the heart of Bracknell. Momentum is now building strongly as we move towards commencing with works on this transformational scheme in the Spring and we look forward to continuing to work closely with the Council to deliver a scheme of the very highest quality for Bracknell.”
Cllr Marc Brunel-Walker, executive member for economic development and regeneration, commented: “We’re delighted that the agreement between the council and BRP has gone unconditional as it signals the start of major work to create an all-encompassing town centre for our residents and visitors. We have supported the project from the outset and our commitment to it will continue whole-heartedly throughout construction and beyond.”
The new development in the north of Bracknell Town Centre will comprise a total of 580,000 sq ft of new retail and leisure space, supported by a 1,300 space multi-storey car park and landscaped public spaces. In addition, Eagle House, a vacant eight-storey office block, will be converted to a 92 unit residential scheme.
Over 53% of the scheme has already been pre-let or delivered, with retailers including a new 80,000 sq ft Fenwick store, Marks & Spencer, Primark, Waitrose and H&M. Cineworld has also committed to a new 12-screen cinema, and eight quality, family friendly restaurants have agreed to take space, including Carluccios, Zizzi, Coast to Coast, Gourmet Burger Kitchen, Pizza Express, Nando’s and Las Iguanas.
CBRE and Lunson Mitchenall are letting agents for BRP.
Notes to editors
1. 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 19th 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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Forward looking statements
Nothing in this announcement should be construed as a profit forecast. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.
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