Legal & General Buys UK Shopping Centre
Legal & General Property has acquired a UK shopping centre from Lend Lease for £56.1 million (€68 million). The Meadows Shopping Centre, located in Chelmsford, was acquired on behalf of the firm’s UK Property Income Fund. The 14,000-square-metre property is anchored by BHS, Wilkinson and an eight-screen Odeon Cinema.
In other news, Legal & General Property has refinanced its Leisure Fund with a new £71 million (€86.1 million) facility with Royal Bank of Scotland. The Leisure Fund has more than £250 million (€303 million) in assets under management. It completed a £42 million (€50.9 million) equity raise in 2011, extending its life to 2020 from 2014.