Press releases

Legal & General acquires eighth major government hub

Legal & General has agreed to forward fund the development of Unity Square in Nottingham as HM Revenue and Customs’ (HMRC) latest regional hub, helping to facilitate significant economic growth in the city and putting Nottingham back on the occupier map. The Development is being undertaken by Peveril Securities and its joint venture partner Sladen Estates.

15 Nov 2018


HMRC has entered into a 25-year pre-let on the development for its Nottingham Regional Centre. It is set to open in summer 2021 and Phase 1 will accommodate around 4,000 full-time equivalent employees. Legal & General has agreed to forward fund the construction of the development on behalf of Legal & General Retirement, which invests in high-quality, long-term UK assets to generate income streams that match its commitments to pensioners and deliver infrastructure funding which benefits the UK’s economy.  

The scheme is set to advance the £250 million Southern Gateway regeneration project. In three years’ time, the landscape around the train station will be transformed – with a business district surrounding the HMRC hub within an area of the city in need of significant redevelopment.

Gordon Aitchison, Director, Investments and Development at LGIM Real Assets, said: “This is a great deal for us and will have a meaningful impact on Nottingham, creating new jobs and driving economic growth. This deal is the latest in a line of successful acquisitions of such Government backed investments and serves to make a valuable contribution towards matching our continued appetite for secure long income investments.”
Nick Sladen, Chief Executive of Sladen Estates, said: “HMRC’s decision to place its East Midlands and 13th regional hub in the heart of Nottingham shows the Government’s confidence in the city and, more importantly, the ability of the development team and Nottingham City Council to deliver – above other locations which could have been in the running.”
Ralph Jones, MD of Peveril Securities Jones, said: “There is significant long-term investment in this area of the city. Nottingham Train Station was the catalyst and coming up is intu Broadmarsh’s forthcoming redevelopment along with other significant schemes expected over the next couple of years. It is an exciting time for Nottingham with many significant schemes on the horizon and cranes expected on the Unity Square site in the next 12 months.”

JLL acted for HMRC.

Further information

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Faye Bennett

Head of Housing PR

Legal & General Capital

Notes to editors

LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.

Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.

1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.

*at 13 Jan 2023

IMPORTANT INFORMATION

For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.

1Data as at 31 December 2023.