Legal & General Property (LGP) have forward funded a distribution warehouse at Magna Park in Milton Keynes for a total consideration of £114m which will be pre-let to Waitrose Ltd.

The 938,449 sq ft unit is being developed by Gazeley whilst Legal & General will be funding the development over the construction period.

The development, which is currently on site, is due for completion in November 2014 and will provide a major new distribution warehouse, including ancillary offices arranged over three levels, a gatehouse, secure yards, parking for 530 cars, 231 HGV's and 117 tractors, and landscaped areas.

Adam Kerr, Head of Long Income Transactions at LGP, said: "This transaction represents a rare opportunity to fund a strategically located south east 'super' shed that is capable of delivering the quantum of space demanded by a top UK retailer. Underpinned by its quality of construction and a fundamental shift in the optimal location for logistic operators to access population centres, Magna Park in Milton Keynes will become the leading logistics park in the UK due to its easy access to London and the wider south east."  

Situated on the east side of Milton Keynes, between Junctions 13 and 14 of the M1 motorway, Magna Park totals 220 acres and has planning consent for 4.4m sq ft of distribution accommodation.

Nigel Godfrey, Executive Director of Gazeley, said: "The quality of the real estate proposition, together with Gazeley's class leading delivery capability, ensured we secured our price expectations. We are delighted to continue our relationship with Legal & General with this deal. Work has just commenced and almost one million sq ft will be completed and handed over in under six months from now."