Legal & General and Newmark Newsletter

Welcome to the first edition of our Legal & General x Newmark Partnership Review.

Since 2020, we’ve had the privilege of working alongside Legal & General on a series of significant deals and strategic mandates, and this newsletter highlights the progress we’ve made together.

Inside, you’ll find a snapshot of the key transactions we’ve supported across your portfolios, along with an introduction to your dedicated Newmark team led by Richard Lines and supported by specialists across our Capital Markets, Leasing, Valuation & Advisory, and Consultancy teams.

Our relationship has grown from individual transactions into a more integrated, insight‑driven advisory partnership. We are committed to being a proactive, trusted extension of your team as the market evolves.

As this is our first edition, we’d welcome your feedback on the content and format—and on how we can continue strengthening the value we deliver to Legal & General.

We look forward to building on what we’ve achieved together.

Richard Lines

L&G Relationship Lead

Partner, Operational Capital Markets

+44 782 572 1289

Richard.Lines@nmrk.com

Acquisitions & Disposals |2020 - 2022

Sainsburys

Bedford

Fund
L&G ReAssure
L&G:
Craig Westmacott, Nigel Marsden
NMRK:
John Rodgers
Team:
Industrial Capital Markets
Deal Type:
Logistics Disposal
Value:
£90,500,000
Size:
462,726 sq ft
Yield:
3.50%

Following a comprehensive pre-marketing exercise, the strong level of competition necessitated four rounds of bidding. Throughout this process, we worked closely with the client and consulting engineers to deliver an over-roof solution that positively enhanced the building, improving both its operational performance and overall marketability.

Portakabin, Boundary Way

Hemel Hempstead

Fund
L&G IPIF
L&G:
Tom Gough, Jonathan Holland
NMRK:
John Prichard, Alex Barnes
Team:
Industrial Capital Markets
Deal Type:
Industrial Disposal
Value:
£14,000,000
Size:
4.63 acres
Yield:
2.58%

Investment brokerage and delivered deal in a highly competitive bidding situation.

Hove Gardens

Brighton

Fund
UK Build to Rent Fund
L&G:
Mike Powell
NMRK:
Richard Lines, Jonathan Godfrey
Team:
Capital Markets, Valuations
Deal Type:
BtR Forward Fund
Value:
£76,500,000
Size:
216 units

Project Sandpiper

Poole

Fund
Legal & General Managed Fund
L&G:
Rob Codling, Louise Burney
NMRK:
Richard Lines
Team:
Capital Markets
Deal Type:
Care Home Portfolio Disposal (Care UK)
Value:
£70,200,000
Size:
6 assets
Yield:
4.58%

A post Covid strategy to reduce exposure to the sector whilst identifying a moment in time where yields for Care UK had peaked making it an opportune time to sell. We utilised our Capital markets’ knowledge of the buyer pool with the ability to appraise the 6 sites on merit based on demographics and rent cover marketing them in their best light.

Acquisitions & Disposals |2024 - 2026

Project Sandpiper

Poole

Fund
Legal & General Managed Fund
L&G:
Rob Codling, Louise Burney
NMRK:
Richard Lines
Team:
Capital Markets
Deal Type:
Care Home Portfolio Disposal (Care UK)
Value:
£70,200,000
Size:
6 assets
Yield:
4.58%

A post Covid strategy to reduce exposure to the sector whilst identifying a moment in time where yields for Care UK had peaked making it an opportune time to sell. We utilised our Capital markets’ knowledge of the buyer pool with the ability to appraise the 6 sites on merit based on demographics and rent cover marketing them in their best light.

Units B&C, Laporte Way

Luton

Fund
L&G ReAssure
L&G:
Craig Westmacott, Nigel Marsden
NMRK:
Nick Ogden, Jamie Hall
Team:
Industrial Capital Markets
Deal Type:
Industrial Disposal
Value:
£10,200,000
Size:
73,233 sq ft
Yield:
6.10% NIY

Competitive tension achieved between prospective purchasers due to targeted and comprehensive marketing campaign. Despite purchaser attempts to significantly reduce price, sale price achieved in excess of client aspirations and quote price.

Oxfordshire County Hall

Oxford

Fund
L&G:
Rob Codling
NMRK:
Angus Minford, Will Kirkpatrick, Neil Hamilton
Team:
Capital Markets, Hotels & Extended Stay
Deal Type:
Hotel Forward Funding
Value:
Size:
91,400 sq ft

Newmark has advised on the acquisition of Oxfordshire County Hall on behalf of LGIM with Reef Origin as DM.

Located in the heart of Oxford next to Westgate and the Castle Quarter, the 91,400 sq ft site will be transformed into a four-star hotel with over 190 beds. The Grade II listed Old County Hall forms part of the development. This marks Reef Origin’s second Oxford hotel in partnership with EQ Hotels, following the successful launch of The Store earlier this year.

Premier Inn, Lauriston Place

Edinburgh

Fund
Legal & General Assurance (Pensions Limited)
L&G:
Neil Dovey, Yvonne Ambo, Sammie Stanton
NMRK:
Richard Lines, Alex Kitts, Neil Hamilton
Team:
Capital Markets, Hotels & Extended Stay
Deal Type:
Investment Acquisition, Valuation
Value:
£24,500,000
Size:
112 rooms
Yield:
4.75%

Newmark combined capital markets knowledge of the Whitbread disposal program with our best-in-class ability to accurately underwrite rental and VP values in support of the purchase price at £24.5m representing 4.75% NIY.

Recent & Ongoing Instructions

Planning & Development

Plaza House, Camden

London

Fund
L&G Managed Fund
L&G:
Nida Rehman
NMRK:
Natalie Davies
Team:
Planning and Development
Deal Type:
Planning Advisory
Size:

Planning strategy to assist with a change of use from Use Class E to C1 hotel. Project commences Feb 2026.

Planning & Development

Horizon, Hurley

Berkshire

Fund
HPUT A Ltd & HPUT B Ltd
L&G:
Dom Moore, Tom Roberts
NMRK:
Alex Gillington, Charlotte Gorst, Christina Hardy
Team:
Planning and Development
Deal Type:
Development Advisory
Value:
£8,900,000
Size:
82,500 sq ft

Instructed to provide disposal advice of near-vacant office building and associated car parking / land. Marketed in challenging market for either conversion or redevelopment. Planning risks for redevelopment but unconditional disposal agreed on this basis. Agreed two overage deeds. Ensured lease surrender prior to completion

Leasing

Rackhams

Birmingham

Fund
Legal & General Managed Fund
L&G:
Nick Webb
NMRK:
Charlie Toogood
Team:
National Offices
Deal Type:
Office Leasing
Size:
150,000 sq ft

We are appointed as leasing agents on this super prime office pre-let opportunity. 4-year time horizon.

Acquisitions & Disposals

2020-2022

Portakabin, Boundary Way

Hemel Hempstead

Fund
L&G IPIF
L&G:
Tom Gough, Jonathan Holland
NMRK:
John Prichard, Alex Barnes
Team:
Industrial Capital Markets
Deal Type:
Industrial Disposal
Value:
£14,000,000
Size:
4.63 acres
Yield:
2.58%

Investment brokerage and delivered deal in a highly competitive bidding situation.

2020-2022

Hove Gardens

Brighton

Fund
UK Build to Rent Fund
L&G:
Mike Powell
NMRK:
Richard Lines, Jonathan Godfrey
Team:
Capital Markets, Valuations
Deal Type:
BtR Forward Fund
Value:
£76,500,000
Size:
216 units

2024-2026

Premier Inn

Lewes

Fund
BMW Pension Fund
L&G:
Olivia Wood, Will Kelly
NMRK:
Richard Lines, Alex Kitts, Neil Hamilton
Team:
Capital Markets, Hotels & Extended Stay
Deal Type:
Lease Re-Gear, Investment Disposal
Value:
£7.5m-£8m
Size:
61 units
Yield:
5.5%

Instructed to provide advice on the future disposal of the asset and to evaluate any marriage value generated as a result of regearing the hotel lease in advance.

2020-2022

Project Sandpiper

Poole

Fund
Legal & General Managed Fund
L&G:
Rob Codling, Louise Burney
NMRK:
Richard Lines
Team:
Capital Markets
Deal Type:
Care Home Portfolio Disposal (Care UK)
Value:
£70,200,000
Size:
6 assets
Yield:
4.58%

A post Covid strategy to reduce exposure to the sector whilst identifying a moment in time where yields for Care UK had peaked making it an opportune time to sell. We utilised our Capital markets’ knowledge of the buyer pool with the ability to appraise the 6 sites on merit based on demographics and rent cover marketing them in their best light.

2024-2026

Units B&C, Laporte Way

Luton

Fund
L&G ReAssure
L&G:
Craig Westmacott, Nigel Marsden
NMRK:
Nick Ogden, Jamie Hall
Team:
Industrial Capital Markets
Deal Type:
Industrial Disposal
Value:
£10,200,000
Size:
73,233 sq ft
Yield:
6.10% NIY

Competitive tension achieved between prospective purchasers due to targeted and comprehensive marketing campaign. Despite purchaser attempts to significantly reduce price, sale price achieved in excess of client aspirations and quote price.

2024-2026

Oxfordshire County Hall

Oxford

Fund
L&G:
Rob Codling
NMRK:
Angus Minford, Will Kirkpatrick, Neil Hamilton
Team:
Capital Markets, Hotels & Extended Stay
Deal Type:
Hotel Forward Funding
Value:
Size:
91,400 sq ft

Newmark has advised on the acquisition of Oxfordshire County Hall on behalf of LGIM with Reef Origin as DM.

Located in the heart of Oxford next to Westgate and the Castle Quarter, the 91,400 sq ft site will be transformed into a four-star hotel with over 190 beds. The Grade II listed Old County Hall forms part of the development. This marks Reef Origin’s second Oxford hotel in partnership with EQ Hotels, following the successful launch of The Store earlier this year.

Recent & Ongoing Instructions

Planning & Development

Plaza House, Camden

London

Fund
L&G Managed Fund
L&G:
Nida Rehman
NMRK:
Natalie Davies
Team:
Planning and Development
Deal Type:
Planning Advisory
Size:

Planning strategy to assist with a change of use from Use Class E to C1 hotel. Project commences Feb 2026.

Planning & Development

Horizon, Hurley

Berkshire

Fund
HPUT A Ltd & HPUT B Ltd
L&G:
Dom Moore, Tom Roberts
NMRK:
Alex Gillington, Charlotte Gorst, Christina Hardy
Team:
Planning and Development
Deal Type:
Development Advisory
Value:
£8,900,000
Size:
82,500 sq ft

Instructed to provide disposal advice of near-vacant office building and associated car parking / land. Marketed in challenging market for either conversion or redevelopment. Planning risks for redevelopment but unconditional disposal agreed on this basis. Agreed two overage deeds. Ensured lease surrender prior to completion

Leasing

Rackhams

Birmingham

Fund
Legal & General Managed Fund
L&G:
Nick Webb
NMRK:
Charlie Toogood
Team:
National Offices
Deal Type:
Office Leasing
Size:
150,000 sq ft

We are appointed as leasing agents on this super prime office pre-let opportunity. 4-year time horizon.

Your Dedicated Team

Relationship Lead

Richard Lines

L&G Lead Partner

Client Services

Kristen Le Roux

L&G Client Coordinator, Capital Markets

Lea Vavrik

Head of ESG, UK & Europe

Steve Sharman

Industrial Research

Capital Markets

Richard Lines

Operational Capital Markets

Alex Kitts

Operational Capital Markets

Angus Minford

Office & Life Sciences Capital Markets

John Rodgers

Industrial Capital Markets

Richard Fletcher-Brewerd

Industrial Capital Markets

Bobby Barnett

Residential Capital Markets

Harriet Bantock

PBSA Capital Markets

Leasing Agency & Lease Consultancy

Charlie Toogood

National Office Agency

Charlie Spicer

Industrial & Logistics Agency

Sven Macauley

Scotland Agency

Tom Ferrier

Office Lease Consultancy

Service Lines

Peter Schaverien

Retail Agency

Richard Stoney

Business Rates

Building Consultancy

John Lowes

Building Consultancy & Lease Exit

Valuations

Neil Hamilton

Hotel Valuation

Jonathan Godfrey

Residential Valuation

Cara Reynoldson

Retail Valuation

Edward Hall

Retail Valuation