Legal & General Property launched its own property development division, headed by fund manager Simon Wilkes.
It said the move had been prompted by a need to better manage the growing number of development opportunities in its portfolio, including the redevelopment of Bracknell town centre in Berkshire, which L&G is still building in phases 16 years on.
Meanwhile, a consortium made up of Pillar Property’s Hercules Unit Trust, Morley Fund Management and Morley and Capital & Regional’s Junction partnership paid Kingfisher £695m for the largest-ever retail parks portfolio.
Yup, £695m. How times have changed.