L&G buys Waitrose warehouse

The property arm of insurance firm Legal & General has agreed to forward fund a new distribution warehouse for Waitrose in Milton Keynes, in a deal worth £114m. The 100,000 square feet warehouse in Milton Keynes’ Magna Park is being built by logistics developer Gazeley and has been pre-let to Waitrose on a 30-year term. Legal & General has bought the site from Gazeley and is funding its construction. John Lewis already owns two warehouses on the park.