LGIM has expanded Workman’s mandate with the arrival of a new Nike hub: As part of our Property Management role within the LGIM Annuity fund, Workman has been appointed to provide property management services for Nike’s 1.3m sq. ft distribution hub at Magna Park, Corby.
The new campus scheme, to be delivered in May, is set to include logistics, office and recreation space. The development will target a BREEAM Outstanding rating and be net zero carbon in construction. It will feature running tracks, open-air gyms and multi-use game areas, for which the sportswear giant has signed a 20-year lease, as reported by Green Street News.
It will be managed by a Workman team led by Claire Bieganski, Senior Associate, and Kirsty McKenna, Partner, who said: “We are thrilled to be appointed on another asset within the LGIM Annuity fund, which we were appointed to manage in 2021. The Nike deal is a very exciting development that we are excited to watch come out of the ground. It’s a huge scheme, which will fittingly also feature running tracks.”
Workman was appointed to deliver property management services to LGIM Real Assets in 2021, having previously been mandated to the Legal & General managing agent panel in 2019 to manage the LGIM Real Assets (Legal & General) UK Property Fund. The Annuity & LPI Fund – a government offices and service charge portfolio made up of 20 properties – includes flagship assets such as 110 Fetter Lane in London, International Quarter in Stratford, and India Buildings in Liverpool.
The latest appointment has expanded the Workman LGIM mandate to a portfolio of more than 120 assets covering over 16.5m sq. ft.
Magna Park, Corby
Magna Park Corby, owned by GLP is one of the UK’s largest dedicated logistics and distribution parks. Located on the A14 in Corby, the park provides access to east coast ports, as well as the Midlands and South-East markets.
Magna Park, Corby: one of the UK’s largest dedicated logistics and distribution parks.
Bruce Topley, UK Managing Director at GLP, said: “We are delighted to be welcoming Nike to Magna Park Corby. This investment is a great vote of confidence in the East Midlands and will help propel much-needed long-term growth across the region.”
Neil Dovey, Head of Annuity Transactions at Legal & General, said: “Nike’s UK logistics campus in Magna Park Corby is ideally aligned with Legal & General’s commitment to investing long-term capital into assets that are economically and socially beneficial. We are delighted to be working with GLP, a developer aligned with our principles, to deliver a first-class building, and are looking forward to partnering with Nike as a long-term property owner following completion.”
Mega big-box deal
The LGIM forward-funding deal represents the largest logistics facility investment deal to have completed in the UK in 2024, according to Green Street News. Generally, the big-box market has lagged in terms of activity compared with multi-let, but there are signs the situation is starting to improve: research from DTRE showed around £1.8bn of big boxes traded in the second quarter. The agent said trading volumes in Q2 increased 63% on what was recorded in the first three months of 2024.
