L&G hires Argent's Richard Poyser to support major Bracknell regeneration
Legal & General Property (LGP) announces the appointment of Richard Poyser as Leasing Manager for the £240m retail and leisure development in Bracknell Town Centre – one of the largest regeneration schemes to open in the UK in 2017.
Richard has joined LGP from Argent LLP, where he was responsible for letting the retail element of the high profile Kings Cross project. Prior to that he was at Hammerson for 12 years, where he worked on the leasing of a number of prominent schemes, including The Bull Ring in Birmingham, Highcross in Leicester and Union Square in Aberdeen. As such, he brings with him a total of over 25 years’ experience working in the sector and a strong network of retailer relationships.
Richard joins LGP’s eight person strong development team, reporting to Director of Investment and Development, Gordon Aitchison, and Head of Development (Bracknell), Simon Russian. Like Simon, Richard will be devoted full time to the delivery of Bracknell’s retail and leisure led regeneration – a project that is currently under construction and is due for completion in Spring 2017 and that will fundamentally change the landscape of the town. LGP is developing the scheme on behalf of the Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Capital, the principal investment division of L&G Group, and Schroder UK Real Estate Fund.
More than doubling the square footage of its shopping and entertainment offer, while providing landscaped public spaces and residential apartments, at over 800,000 sq ft, including the existing town centre areas being transformed, Bracknell Town Centre will also be the largest shopping destination to open in the UK in the next two years, alongside Oxford’s Westgate Centre. As a result of the regeneration project, Bracknell is the first new town from the 1950s and 60s to be comprehensively redeveloped.
At the centre of the transformation is a 580,000 sq ft new development, providing 60 new units across retail, food and leisure, and a 1,300 space car park. With over 59% of the scheme (by area) already having been successfully pre-let or delivered, the development’s principle occupiers will include Fenwick, Marks & Spencer, the Arcadia brands, Primark, H&M and a 12 screen Cineworld multiplex, in addition to the existing Waitrose store.
Simon Russian, Head of Development (Bracknell) at Legal & General Property, commented: “With occupier interest gaining strong momentum and works rapidly taking shape on site, following steelworks starting in June, Richard joins the team at an incredibly exciting point in the fundamental regeneration of Bracknell Town Centre. A highly talented and well-connected leasing manager, he complements the skills of the rest of the team and brings with him invaluable experience in the delivery of high profile, complex shopping and leisure schemes.”
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Legal & General Property:
Legal & General Property (LGP) forms part of the Real Assets division of Legal & General Investment Management (LGIM), which is responsible for the company’s direct investment capabilities in property and infrastructure. One of Europe’s largest institutional asset managers and a major global investor, LGIM manages £525bn in assets on behalf of over 3,100 clients (31 March 2015), providing products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 19 funds or vehicles with an aggregate asset value of £16.5bn (31 March 2015). These include:
- Balanced Funds: Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- Specialist Pooled Funds: The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
- Single Asset Vehicles: Bracknell Regeneration Partnership; Central Saint Giles Partnership.
LGP’s UK-focused asset management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.