LGIM brings in global investor for UK regeneration scheme

Legal & General Investment Management-Real Assets has brought in an unnamed international investor for an ongoing regeneration project in the UK.

LGIM said its £220m (€252m) Arndale shopping centre in Eastbourne had been given international capital.

James Whitehill, senior fund manager at LGIM Real Assets, said: “This injection of international capital by a key investment partner, alongside Legal & General’s existing ownership and investment, ensures the further strengthening of an already dominant retail destination.”

An £85m retail and leisure extension will now go ahead, LGIM said, following reports in July last year of delays to the project.

The 175,000 sqft extension is expected to create 800 jobs and 22 new retail units upon completion in 2018.

Whitehill said new retail tenants had been signed for the extension, including a cinema operator and restaurants.