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18 Jan 2010 11:50
Legal & General Property (“LGP”) is pleased to announce that it has secured Sainsbury’s as a tenant at Bedford Connect, its 461,718 sq ft (42,893 sq m) warehouse in Marsh Leys Distribution Park, Bedford.
Sainsbury’s has taken the unit on a 20-year lease at £5.50 per sq ft. Other tenants at the park, which fronts the A421 on the western side of Bedford, include Asda and Argos. The building was previously occupied by Woolworths and represented the only major distribution warehouse of its size currently available in the South East of England. It will be used by Sainsbury’s to support its growing store network across the region.
Craig Westmacott, Fund Manager of the Linked Life Property Fund at Legal & General Property, comments:
“After intense competition from other leading occupiers, this deal clearly reflects the high quality, size and connectability of this unit in providing a strategically positioned South East distribution hub, as well as renewed occupier confidence in this market. Let on long lease-terms to a strong covenant, this letting provides Legal & General Property with secure income, whilst providing an immediate capital uplift.”
DTZ and GVA Grimley represented Legal & General Property and Cushman & Wakefield acted for Sainsbury’s.
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 16 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.
For more information please contact :