Legal & General : L&G commits to build £1,000 new homes for Bracknell

20 February 2015

Legal & General Capital (LGC), today announces plans to build 1,000 new homes at Crowthorne in Bracknell. It is also providing additional funding for infrastructure projects at the Crowthorne site, including a primary school, community centre, care home and over 100 acres of public green open spaces.

Legal & General Capital has also announced today that they have gone unconditional on the major development of the Northern Retail Quarter in Bracknell, a £200m, 50:50 joint venture with Schroders UK Property Fund to regenerate Bracknell town centre. The work will commence in the spring, be completed by 2017, and deliver new retail, commercial, and residential buildings, within landscaped public spaces.

Laura Mason, Director of Direct Investments at Legal & General Capital, said: "Pension and Sovereign Wealth funds want to invest in the UK and help regenerate our towns and cities. Today we have announced our intention to build 1000 new homes and regenerate Bracknell's town centre. This shows what can be done in partnership with a forward looking council, and we see no reason why what we're doing here in Bracknell cannot be repeated across many more towns and cities in the UK."

Cllr Paul Bettison, Leader of the Council, commented: "The Council welcomes this major investment into much needed housing and infrastructure in the wider Bracknell area - delivering 1,000 homes, a primary school, community facilities and improvements to roads and public transport, among other benefits.  We are pleased to work with Legal & General on both this project and its separate major investment into Bracknell Town Centre's regeneration, as we look to provide an even better quality of living and unlock future growth prospects for the local economy."

Bracknell Forest Council granted planning permission in January 2015 for the regeneration of the Crowthorne site. It was originally the former TRL, which was made up of an old vehicle testing track and empty 1960s buildings.

The Crowthorne site is arranged over 250 acres, and the first phase of its development will begin this year and will include the delivery of around 200 houses, along with a primary school, works to create over 100 acres of public open space, and major improvements to the roads and public transport.

Legal & General Property will manage the development of the Crowthorne site on behalf of Legal & General Capital.

ENDS.

Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £16.2bn (as at 19th February 2015) and is responsible for investing £676bn worldwide (as at 30th September 2014) on behalf of investors, policyholders and shareholders. We have over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2013, Legal & General's profits before tax (on the IFRS basis) were £1,134m and earnings per share were 15.20p for the period, an increase of 10% for both respectively.

Forward looking statements

Nothing in this announcement should be construed as a profit forecast. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.

For more information please contact:

Legal & General Property Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.

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