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."
Harriet de Beaufort-Suchlick
Senior Communications Manager
Legal & General Capital
T: 07717 533 079
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 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 2022
Legal & General Investment Management
Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.29 trillion1. 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.
1Globally, we manage assets of £1.42 trillion or CHF 1.75 trillion as at 31 December 2021 (source: LGIM internal data as at 31 December 2021). The 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.
*at 11 Jan 2023
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. For illustrative purposes only. Reference to a particular security is on a historical basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Views expressed are of LGIM as at 3 January 2023.
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In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with "top up" permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677). Registered Office: 70 Sir John Rogerson's Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).
LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa ("CONSOB") and is registered with Banca d'Italia (no. 23978.0) with registered office at Piazza della Repubblica 3, 20121 Milan, (Companies' Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority ("BaFin"). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets ("AFM") and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231.Details about the full extent of our relevant authorisations and permissions are available from us upon request. For further information on our products (including the product prospectuses), please visit our website.