Press releases

Legal & General's Industrial Property Investment Fund secures major letting to Clipper Logistics

Legal & General announces, on behalf of its Industrial Property Investment Fund (“IPIF”), that it has secured an agreement with leading UK logistics provider, Clipper Logistics, to let its new 196,268 sq ft purpose built distribution centre in Crick, Northamptonshire.

7 Sep 2018

Full press release (PDF 86KB)

Comprising a 179,589 sq ft warehouse unit, Grade A office space, gatehouse accommodation and 198 parking spaces, the distribution centre, known as ‘Alchemi’, has been let on a ten year lease.

Situated in a highly visible location, fronting the M1 and one mile from Daventry International Rail Freight Terminal, Alchemi was speculatively constructed by Legal & General, in partnership with Graftongate. It was identified by the Fund as a highly-desirable location, benefitting from the supply demand imbalance for industrial space within the prime Midlands’ Golden Triangle, one of the most sought-after logistics localities across the UK.

The successful agreement with Clipper Logistics follows IPIF’s restructure in February from a closed-ended, fixed life vehicle to an evergreen open-ended fund.

Launched in 1997, IPIF was one of the first indirect specialist real estate funds and has become a leader in its sector, having outperformed its benchmark, the IPD Quarterly Industrial Benchmark, over three, five, 10, 15 and 20 years. The Fund aims to acquire well located, good quality multi-let assets primarily in London and the South East. IPIF has more than £2 billion assets under management.

Jonathan Holland, Fund Manager of IPIF at LGIM Real Assets:

"The Alchemi distribution centre is a prime example of IPIF’s robust asset identification and development strategy within the industrial sector, which continues to offer strong future growth prospects. With its access to the entire UK motorway network, Alchemi demonstrates our ability to identify a desirable location, navigate the planning process and speculatively construct a high-quality development. As a result, we are very pleased to have agreed this letting with Clipper Logistics and look forward to welcoming them to Alchemi."

Further information


Faye Bennett

Head of Residential PR

Legal & General Capital


Lauren Kemp

Head of Corporate Communications

Legal & General Capital

T: +44 (0) 20 3124 3394

Email Lauren Kemp

Notes to editors

Legal & General Investment Management Real Assets (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 £1.28tn in assets (as at 31 December 2020), 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 £36.3bn (as at 31 December 2020) 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. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.

(As of June 2021)


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. Past performance is no guarantee of future results. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone. 

*at 31 Dec 2021