L&G PUT to fund Waitrose stores

Legal & General’s £676m UK Property Unit Trust is adding to its holdings by forward funding two Waitrose supermarket developments. The daily-traded fund has taken in £50.3m of cash in the first five months of this year.

Fund manager Matt Jarvis said the widening development finance gap meant that forward funding deals were “a growing part of our investment focus”.

The stores, worth a combined  £34m, are on a site at Galliard Homes’ New Capital Quay scheme in Greenwich, London, and at Valad Europe’s Burghmuir Retail Park in Stirling. Waitrose will pay rent with fixed annual uplifts on a 25-year lease at Greenwich. The Stirling funding includes two other retail warehouses.