Property investment deal for Legal and General

Tuesday, December 22, 2009

Legal and General complete property investment deal worth £17.3 million.

By Ashley Brunskill

A property investment deal worth £17.3 million has been announced by Legal and General Property's managed fund for space in central Manchester.

The purchase from HSBC Pension Fund will see the company take control of 53,375 sq ft of space at Wilmslow Park.

Retail and leisure accomodation accounts for 40,615 sq ft while 12,760 sq ft of offices are let to the local NHS Trust.

Retail tenants in the space include Blockbuster Entertainment, Tesco, Superdrug, J D Wetherspoon, Lidl, Subway, Caffe Nero and the Barracuda Group.

Charlie Walker, senior fund manager of the Managed Property Fund, said: "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."

He added that 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.

The Legal and General Group, established in 1836, is one of the UK's leading financial services companies.

Source: ask-re The Property People LLP