Legal & General announces that it has committed 2 million sq ft of its commercial real estate portfolio and over 1,000 residential homes to WiredScore certification (Wired Certification), an international digital connectivity rating scheme evidencing the speed and reliability of a building’s digital connectivity. The demand for premium connectivity has been accelerated as a result of the impacts of Covid-19, where there has been a shift in working environments.
23 Jun 2020
With many people now working from home, and expecting more from their office space when they are there, Legal & General sees high-speed and reliable connectivity will be one of the most important factors for occupiers searching for a new office or residential space. For forward thinking commercial and residential landlords, digital infrastructure will be a fundamental part of how they future proof their portfolio.
Satya Nadella, CEO of Microsoft, recently announced that Microsoft had seen two years’ worth of digital transformation in just the two months to May. For service-based economies in particular, the importance of digital infrastructure has been highlighted during the coronavirus pandemic. UK broadband traffic increased significantly during lockdown, with BT reporting an 82% increase in daytime traffic across its Openreach network during March1, particularly as users shifted to remote working, home schooling and video streaming for both work and entertainment.
This month, Legal & General was awarded a WiredScore Gold certification for its Build to Rent scheme Blackhorse Mills in Walthamstow, the highest accolade ever granted for digital connectivity on a residential building. During the course of the last three months, Legal & General has also achieved WiredScore Certification across multiple commercial buildings including; Colmore Square in Birmingham, Apex in Reading, Hodge House in Cardiff and Union Plaza in Aberdeen. It also completed a 35,000 sq ft office letting within Cambridge Science Park to life sciences business Amgen, whose attraction to the space was driven, in part, by the buildings Platinum-rated connectivity (as certified by WiredScore).
Bill Hughes: "In order to optimise lettings and retain occupiers, real estate owners must meet – and exceed - occupiers expectations of what a building can offer. The solution to connectivity no longer sits solely between the occupier and their internet service provider.
Digital connectivity, coupled with a commitment to deliver an environment that enhances occupier wellbeing, is likely to drive future demand for space, over and above more traditional requirements of location and square footage. With 2 million sq ft of commercial real estate committed to Wired Certification, and an ambition to obtain Wired certification for all occupied commercial buildings over 50,000 sq ft, we are well on our way delivering premium connectivity to all our occupiers."
Matteo Colombo: "Seeing the coming together of physical and digital worlds, we invested in WiredScore in 2018. With the Fourth Industrial Revolution, we recognised the importance to society of being able to measure and thus enable better digital connectivity, thereby supporting the needs of Future Cities - a requirement that is expected to become more relevant than ever as the UK comes out of lockdown."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% 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.
Legal & General Investment Management
LGIM is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.16 trillion1 ($1.47tn, €1.35tn, CHF 1.31tn). We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
1 Data as at 30 June 2023. Data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong.
Assets under management include securities and derivatives positions
*as at HY 2023