LGIM Real Assets, on behalf of its Managed Fund, announces that it has secured a further three lettings at Apex. Conveniently located beside Reading train station, these lettings demonstrate that despite a more challenging market amidst the Covid-19 crisis, there is strong demand for high quality office space.
30 Apr 2020
Apex comprises of 221,000 sq ft Grade A office space and underwent a further refurbishment this year as part of Legal & General’s second phase of its “Capsule” concept, a more flexible leasing offer. Capsule offers a range of options to suit occupiers needs, moving away from the traditional Category-A fit out to provide a furnished and work ready offer making leasing easier, quicker and cheaper.
Since launching in 2018, Capsule has proven an increasingly popular option for occupiers, a trend that is expected to continue in a post Covid environment when the case for flexible office products will be strong. Occupiers are looking for leasing contracts and working environments that allow them to flex with their business.
The three lettings within Apex include; planning consultancy Lichfields, who have added 1,109 sq ft at Apex, Randstad recruitment agency, who have taken 935 sq ft, and MMT, who have taken 1,303 sq ft. All three occupiers have opted for a five year flexible lease. With these three new tenants in place, and the five tenants secured in 2019, Apex Plaza has just 25,000 sq ft available for rental. Due to this continued success a further 8,000 sq ft will be refurbished for Capsule with completion targeted Q3 2020.
Andrew Mercer: "Despite the Covid crisis, the Capsule offer continues to see great traction, and these Apex lettings are testament to this. Capsule is a flexible offer for our occupiers, delivering high quality, furnished and work ready fitted office space across the UK. Whilst there may be a sea of change ahead in the real estate sector, our approach will be customer and market driven by offering straightforward, low capital solutions which can be transacted without delay."
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.
*as at HY 2023
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