Legal & General is looking to increase its holdings in the industrial and distribution sector, and last year it paid £10.6 million ($17 million) for the Guildford Industrial Estate in Surrey. Director Stephen Mundy said: "The organic expansion of The LifeFund's industrial holdings is continuing with the capture of an excellent assetin an undersupplied market. L&G Property now manages around £1.2billion ($1.9 billion) ofindustrials and £6 billion ($9.4 billion) of UK real estate."
Delta Park was developed by BL Gazeley, a 50/50 joint venture between British Land and Wal-Mart's Gazeley Properties. Opened in 2001, Delta Park comprises a total of 233,213 sf of industrial and distribution space in seven units ranging from 15,791 to 73,000 sf. The final 73,000 sf bespoke unit, completed in March 2003, is pre-let to medical equipment distributor Southern Syringe Services for 20 years at a rent of £7.50 ($11.80) per sf. Other tenants include News International, Springrealm,Powwow and McFarlane and average rents are in the region of £8 ($12.50) persf.
BL Gazeley was represented by Jones Lang LaSalle and Holley Blake, while DTZ Debenham Tie Leung acted for Legal & General.
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