Legal & General has forward funded a 73,300 sq ft (6,800 m2) Asda Superstore at Chatham Docks, Kent, UK, allowing its developer to commence works on a £650 mln (€785 mln) development scheme.

Legal & General has forward funded a 73,300 sq ft (6,800 m2) Asda Superstore at Chatham Docks, Kent, UK, allowing its developer to commence works on a £650 mln (€785 mln) development scheme.

The new Asda food retail superstore and petrol filling station represent phase 1 of Chatham Waters and are scheduled for delivery in autumn 2015. Legal & General will provide £25 mln to finance the development over the construction period and on completion Asda will take a new 25-year lease.

Once complete, the wider mixed-use dockside regeneration project, which is being undertaken by developer Peel, will comprise 950 residential units, 430,000 sq ft of offices and a hotel, along with associated infrastructure.

It will transform the heavy industrial site into a 1.9 million sq ft mixed-use development incorporating; offices, an education facility, a conference centre, a hotel, apartments and town houses, a foodstore and a number of landscaped public areas.