Press release

Legal & General acquires new Cheltenham trade park

LGIM Real Assets (Legal & General) announces that it has completed the acquisition of Kingsditch Trade Park, Cheltenham, for £20.5 million, reflecting a net initial yield of 5.3%. The asset has been bought on behalf of Legal & General’s Industrial Property Investment Fund (IPIF) from M&G Real Estate.

10 Jul 2018

Press release (PDF 79KB)

Kingsditch Retail park exterior in aerial view

Located in the well-established Kingsditch industrial area this multi-let estate comprises 28 trade/light industrial units and totals nearly 140,000 sq ft across a 7.9 acre site. The property is let to 24 tenants providing a diverse tenant mix with an AWULT of 6.5 years (to expiry) and reflects a low average passing rent of £8.45 per sq ft. IPIF is able to call on its specialist trade team to unlock asset management initiatives, providing opportunities to enhance both rental and capital value.

Tim Packer, Assistant Fund Manager of IPIF at LGIM Real Assets: "This is an excellent buy for the Fund. As existing owners of the adjoining site our dedicated trade team will be able to move asset management initiatives forward and tie the two assets together to create the premier trade location in Cheltenham."

Further information

Lauren Kemp

Head of Group Corporate Media & Issues

Group Communications

T: +44 (0)7946 514627Email Lauren Kemp

Notes to editors

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 management (as at HY24) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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