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22 Dec 2009 10:05
Manchester city centre asset provides LGP with more than 53,000 sq ft of mixed-use space in strong retail location
Legal & General Property’s Managed Fund has acquired 53,375 sq ft of mixed-use space in central Manchester from HSBC Pension Fund for £17.3 million, at an initial yield of 6.75%.
Wilmslow Park provides some 40,615 sq ft of fully let retail and leisure accommodation, together with 12,760 sq ft of offices and 351 car parking spaces. It benefits from an extensive frontage to the popular Wilmslow Road and is very close to both the University and Central Manchester University Hospital’s Campus, providing its tenants with strong footfall.
The office element and car park are currently let to the local NHS Trust, which accounts for 50% of the total income. Retail tenants include Tesco, Superdrug, J D Wetherspoon, Lidl, Subway, Caffé Nero, Barracuda Group and Blockbuster Entertainment.
Charlie Walker, Senior Fund Manager of the Managed Property Fund, comments:
“This mixed-use acquisition provides us with both an excellent location and a high quality tenant base, which is ideally suited to its local catchment area. The asset is an ideal purchase for the Managed Fund and provides an attractive level of income return and the opportunity to enhance value through active management.”
LGP was represented by Savills; the vendor was advised by Whitaker Horton.
ENDS.
Notes to Editors:
For further information, please contact:
Dido Laurimore/Jamie Robertson/Olivia Goodall
Financial Dynamics (for Legal & General Property)
020 7831 3113
Sarah Rees
Legal & General Property
020 3124 2700
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM).
LGIM had funds under management of over £311bn as at the end of September 2009.Legal & General Property manages or co-manages 17 separate Funds with an aggregate asset value of over £7.3bn as at end September 2009, including ten limited partnerships:
• Industrial (Industrial Property Investment Fund)
• Regeneration (English Cities Fund)
• Shopping Centres (Performance Shopping Centre Partnership; Warrington Retail Limited Partnership)
• Leisure (The Leisure Fund Limited Partnership)
• Mixed Use/Retail (Bracknell Regeneration Partnership)
• Business Parks (Arlington Business Parks Partnership)
• Distribution Warehouses (UK Logistics Fund)
• Regional Offices (ARC Property Fund)
• West End Offices (Central Saint Giles Partnership)
LGP is also responsible for managing seven pooled property funds, including the property portfolio of the Legal & General Assurance Society, which includes major development opportunities in London (Walbrook Square and Central Saint Giles), retail development opportunities in Bracknell, Northampton and Warrington, together with business park opportunities in the M4 corridor and Manchester.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
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