The regeneration of Bracknell town centre has taken a major step towards fruition following today's announcement that the town's major landowners, Legal & General and Bracknell Regeneration Trust (BRT) [a joint venture between Schroders Exempt Property Unit Trust (SEPUT) and Allied London Properties] have formed a partnership – The Bracknell Regeneration Partnership (BRP) – to pursue the development and regeneration of the town centre. Bracknell Forest Borough Council has responded to the establishment of BRP by entering into an agreement to work together with them on the £500m Bracknell town centre project. The formation of this landowner partnership and the agreement with Bracknell Forest Borough Council will enable all parties to work together on the project and to work up a planning application for submission later this year.

The establishment of BRP creates one partnership owning all of the assets currently owned by BRT and Legal & General in Bracknell. As part of the re-structuring Legal & General and SEPUT have acquired the interests of Allied London Properties, who will retain an important role in the town centre managing Princess Square, Charles Square and other Bracknell town centre properties, together with development management of certain parts of the new masterplan.

SEPUT and Legal & General have simultaneously formed the New Bracknell Company Limited (NBC) to act as adviser to the partnership, which will have assets valued at over £160m including the majority of the retailing in the town centre, including the High Street, Broadway and large tracts of adjoining land.

The Borough Council will continue its initiative of taking a leading role in the regeneration of Bracknell town centre, working in partnership with the landowners that have now united to deliver the Borough Council's vision in accordance with the ideals of the masterplan, which was formally adopted in July 2002. The next steps for BRP will be to appoint a team of consultants to work with BRP and Bracknell Forest Borough Council in submitting an outline planning application pursuant to the masterplan later this year.

Redevelopment proposals for Bracknell town centre will include a mix of uses to stimulate a vibrant 18-hour economy. The town centre will see the construction of an additional 56,000m² (604, 625 sq ft) of new unit shops and department stores; an additional 43,400 m² (467,400 sq ft) of office space will be created along with 950 new homes; and 11,000 m² (118,606 sq. ft) of new leisure facilities are included with stylish cafes and bars just part of the enhanced offer.

The project will be developed in phases and it is intended that significant major improvements to the existing shopping areas of Charles Square and Princess Square will form an early phase.

Tim Wheadon, Bracknell Forest Borough Chief Executive, said:

"The creation of the new landowner partnership is an important achievement. Reaching this key milestone demonstrates the validity of the pioneering approach the Borough Council has recently taken in the process of redeveloping Bracknell town centre.

"Along with its shared vision, the expertise and financial strength that BRP bring to this project will assure a new and vibrant future for Bracknell.

"I look forward to working with the partnership with a view to a planning application being submitted later this year."

Stephen Gaimster, Bracknell Forest Borough Head of Property and Regeneration, said:

"Working with BRP on delivering this exciting project is something I too look forward to very much. The days of landowners competing for development rights to Bracknell town centre are over. We now have all major property owners working with the Borough Council to drive forward the redevelopment of our town centre.

"I'm particularly pleased that the Borough Council has been able to provide a clear steer to drive forward this much-needed regeneration."

Mark Creedy, Managing Director Legal & General Property, said:

"Our commitment to Bracknell has never wavered. We are confident that with the new landowner partnership now in place, Bracknell town centre will be transformed. We look forward to getting on with the job".

William Hill, Schroders Managing Director, said:

"We have a huge responsibility to the people of Bracknell in taking this project forward. It is our hope and expectation that we will not only deliver them a 21st century town centre but one that sets a new benchmark for urban design and living in the UK"

Mike Ingall, Allied London Properties Chief Executive, said:

"The new partnership that has been formed reflects both the nature and the investment strategies of the partners involved and I am sure will now deliver what Bracknell needs.

Allied London is selling assets that are much improved to when they were acquired and is looking forward to fulfilling its continuing asset and development management role within the core areas of Bracknell town centre."

Ends

For further information contact:
Anthony Danaher/Dominic Morgan, Tamesis on 020 7908 3200;

Leanne Casellas, Bracknell Forest Borough Council on 01344 352066;

Mark Creedy, Legal & General on 0207 528 6996;
William Hill, Schroders Exempt Property Unit Trust on 020 7658 6752; and

Mike Ingall, Allied London Properties on 020 7299 2610.

NOTES FOR EDITORS
1. BRP has been established as a Jersey Limited Partnership owned equally by Legal & General and SEPUT, advised by EFG Reads Trust Company Limited as operator.

2. The partnership will have no external debt initially. Funding options for the substantial development programme that will take place will be reviewed in due course.

3. The total land area within the town centre controlled by the partnership is 44 acres.

4. Bracknell Regeneration Trust is the partnership between Allied London Properties Limited and Schroders Exempt Property Unit Trust that was formed in 1997 and owns, amongst other properties, Princess Square, Charles Square, High Street and parts of Broadway.

5. Legal & General Property manages property assets worth in excess of £5.5bn on behalf of nine clients, excluding the Legal & General Life Fund with a portfolio valued at approximately £4bn and including four Limited Partnerships.

6. Schroders is a global asset management company with £88.3 (E135.7 / $142.3) billion under management as at 31st December 2002. Our clients include charities, corporations, high net worth individuals, insurance companies, local and public authorities, pension funds, and retail investors.

Our property activities extend to managing £4.2bn on behalf of over 500 investors. We have won industry awards for innovation and fund management including Property Fund Manager of the Year in April 2003. Further information about Schroders is located on the following sites:

Corporate & Institutional:
www.schroders.com

Retail & Investment Funds:
www.schroders.co.uk

Mutual & Off-shore Funds: www.schroders.lu Issued by Schroder Investment Management Ltd, which is authorised and regulated by the Financial Services Authority.

7. Allied London Properties is a major UK property company, which also has substantial investment and development projects in London, Manchester, Glasgow and Edinburgh. The company currently owns or manages over 278,000 m² (3 million sq ft) of real estate and a gross portfolio valued in excess of £500 million. Current development proposals in the pipeline include major office, retail, residential and leisure uses with a total floorspace in excess of 418,050 m² (4.5 million sq ft).

8. In the 1990s, two competing schemes for a comprehensive redevelopment of Bracknell town centre were submitted to the Borough Council by Legal & General and the Bracknell Regeneration Trust. Both were refused planning permission by the Secretary of State on the grounds that they were too large, did not integrate with existing retail and could potentially damage nearby towns. However, the Government recognised that the centre of Bracknell needs extensive redevelopment and it was recommended that the Borough Council should take a lead in pushing proposals forward. The Borough Council subsequently published a masterplan for the wholesale redevelopment of the town centre which was formally adopted in July 2002 following public consultation.

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