SJ Berwin - Retail Development - Bracknell Regeneration Limited Partnership

Date: 23 Apr 2003

SJ Berwin’s leading property finance specialist, David Ryland, has acted for Schroders, in connection with the establishment of the Bracknell Regeneration Limited Partnership. The Partnership was established to acquire existing interests of Schroders Exempt Property Unit Trust, Allied London and Legal & General in Bracknell.

The Partners in the Partnership are Legal & General Assurance and Bracknell Property Unit Trust, a Jersey based unit trust in which Schroders Exempt Property Unit Trust has invested.

The Partnership proposes to develop out Bracknell into a £500m, 1.1m sq ft scheme, comprising retail, offices and residential. An outline planning application will be submitted later this year. The Partnership will appoint a joint venture company to be established between Legal & General and Schroders as asset manager and there will also be separate appointments of Allied London and Legal & General as advisers to the Partnership.

David Ryland led the team at SJ Berwin assisted by Peter Anderson and Delys Brough (Corporate Finance), Adrian Brettell (Tax) and Stephen Marshall (Property).
David has also advised Schroder’s Gresham Property Partners L.P. in connection with the purchase of approximately 100,000 square feet of retail properties in Ealing Broadway W5 from London Merchant Securities plc The price of approximately £26 m reflects an initial yield of approximately 7.4%.
Ealing has recently become one of the first town centres in the UK to be designated as a pilot Business Improvement District (BID).

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