28 January 2013

Legal & General Property (LGP/ the Company) announces that it has purchased Strathclyde Pension Fund's 33.33% interest in the Performance Retail Limited Partnership (PRLP), bringing its total share in PRLP to 100% and therefore giving it outright ownership of Eastbourne's Arndale Centre (the Centre).

Eastbourne is a major sub-regional shopping location, ranked 12th in the South East according to the NSLSP, and the Arndale Centre is situated conveniently in the heart of the town with over 17 million visitors per year.  The Centre, which is anchored by Marks & Spencer, BHS and Primark, recently underwent a number of reconfigurations and as a result secured a spate of new lettings, including River Island, Sports Direct, The Fragrance Shop, Select, Carphone Warehouse and Card Factory, all of who were open and trading in time for Christmas.

Last year approval was granted by Eastbourne Borough Council for plans to extend the Centre, subject to the completion of the Section 106 agreement, to create an additional 175,000 sq ft of retail space, arranged over 22 new ground and first floor units. Additionally the redevelopment would deliver further car parking spaces and a new pedestrian access on to Terminus Road. Construction work on the scheme is expected to start within the next two years.  

Michael Barrie, Director of Fund Management at Legal & General Property, said:
"With a proven in-house asset management and development platform, capable of bringing forward major, town centre, retail-led regeneration projects, as well as a strong capital base, we are excited about the future of Eastbourne's Arndale Centre and our ability to grow the retail offer in the next important phase of its life.  This purchase allows us to simplify the management and ownership structure of the asset, particularly relevant when delivering such complex projects."

Notes to editors

Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe's largest institutional asset managers and a major global investor. LGIM manages approximately £381bn of assets on behalf of more than 3,300 clients (30 June 2012) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 September 2012. 

These funds include:

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; Performance Retail Limited Partnership and Warrington Retail Limited Partnership

Balanced Funds
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund

LGP's UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP's market-leading research capability.

LGP's sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Milton Keynes, Northampton, Hounslow and Eastbourne.

Legal & General Property Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.

distributed by