ING Real Estate Development UK - Mixed-Use Development - Enfield, PalaceXchange

Date: 09 Sep 2004

ING Real Estate Development UK yesterday announced the final go-ahead for its £50m PalaceXchange retail led mixed-use scheme in Enfield town centre and that 60% of the space is already pre-let. All of the conditions set out in the development agreement with the London Borough of Enfield have now been met. The scheme will be also be funded by ING subsidiary Nationale-Nederlanden (managed in the UK by ING Real Estate Investment Management).

This represents a vital stepping-stone towards delivering the PalaceXchange scheme, which will include shops, leisure venues and new public facilities.

The most recent addition to the pre-lets, which already includes top high street names - NEXT, JD Sports, Clarks, Superdrug and TK Maxx - is Ottakar's.

James Heneage, Ottakars' Managing Director said:
"The PalaceXchange scheme is set to transform Enfield town centre, which is why we have signed up and look forward to taking advantage of this great opportunity."

PalaceXchange is located directly between, and links together, the town's top stores (Mark's & Spencer, Pearsons Department Store and Woolworths). It will provide 14,000 sq m (150,696 sq ft) of new retail space in 22 shop units and 6,038 sq m (65,000 sq ft) of leisure and cultural venues.

Siep Hoeksma, joint Managing Director of ING Real Estate Development UK commented:
"Signing the development agreement has clearly demonstrated our commitment to PalaceXchange and we are delighted that we have now gone unconditional. This will act as a call to action to major high street store chains, which are already very excited at the prospect of the new business opportunities that will be created at PalaceXchange."

Enfield Council Leader, Michael Rye, said:
"We are pleased that we can now look forward to Enfield Town enjoying expanding shopping and leisure facilities. I am sure that this will be warmly welcomed by the public and we look forward to working with ING Real Estate to improve Enfield town centre."

As part of the development, significant improvements will be made to the roads around the site and a new 550-space car park - linked directly to the shops by a new footbridge - will be built. Completion of the scheme is scheduled for 2006.

Letting agents for the scheme are CB Richard Ellis and Chase & Partners. Reid Architecture is the architect. Costain has been appointed as the main construction contractor.

Kier Property, who have been instrumental in securing the development agreement and satisfying the planning conditions, have sold their share in the joint venture leaving ING Real Estate Development UK to complete the development and letting process.

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