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Construction News
11/10/2019
Legal & General Forward Funds 12th Govt Hub
Legal & General has thrown support behind its twelfth government hub, to be located in Peterborough.
The firm has agreed to forward the city centre development, which will create a new 90,000 sq ft office building. It will be let on completion to around 1,000 members of staff from the Department for Environment, Food and Rural Affairs, including the Environment Agency, Natural England, Joint Nature Conservation, and HM Passport Office.
Development funding will be provided to Bride Hall Developments, which will lead the construction of the project.
Derek Gilby, Senior Fund Manager, at LGIM Real Assets, said: "Our funding of the Fletton Quays site highlights our commitment to Government Hub deals. These align with our wider business objective to drive sustainable regional growth and aid job creation. As a long term investor, these investments also help us to back our pension promises, matching our long dated income requirements. We have a strong appetite to do more."
The office development is also part of the £120m regeneration of Fletton Quays, being led by the Peterborough Investment Partnership and site developer Bride Hall. Occupation of the building is expected to take place in 2021.
Councillor John Holdich, leader of Peterborough City Council, said: "To have key government organisations secure a space at Fletton Quays is good news, both for the development and the city as a whole.
"Fletton Quays represents a new age of growth and regeneration for Peterborough. These key additions to the site will bring footfall, recruitment and investment, as well as opening up the prospect of attracting additional Government jobs to Peterborough in the future."
(CM/JG)
The firm has agreed to forward the city centre development, which will create a new 90,000 sq ft office building. It will be let on completion to around 1,000 members of staff from the Department for Environment, Food and Rural Affairs, including the Environment Agency, Natural England, Joint Nature Conservation, and HM Passport Office.
Development funding will be provided to Bride Hall Developments, which will lead the construction of the project.
Derek Gilby, Senior Fund Manager, at LGIM Real Assets, said: "Our funding of the Fletton Quays site highlights our commitment to Government Hub deals. These align with our wider business objective to drive sustainable regional growth and aid job creation. As a long term investor, these investments also help us to back our pension promises, matching our long dated income requirements. We have a strong appetite to do more."
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The office development is also part of the £120m regeneration of Fletton Quays, being led by the Peterborough Investment Partnership and site developer Bride Hall. Occupation of the building is expected to take place in 2021.
Councillor John Holdich, leader of Peterborough City Council, said: "To have key government organisations secure a space at Fletton Quays is good news, both for the development and the city as a whole.
"Fletton Quays represents a new age of growth and regeneration for Peterborough. These key additions to the site will bring footfall, recruitment and investment, as well as opening up the prospect of attracting additional Government jobs to Peterborough in the future."
(CM/JG)
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