Schroders share price climbs on £200m Bracknell regeneration

Fund manager Schroders (LON:SDR) and insurer Legal & General (LON:LGEN) have agreed to redevelop the Northern Retail Quarter in Bracknell, Berkshire in a £200 million deal. The companies today revealed that the 50/50 joint venture would begin construction in spring 2015 and be finished within two years.

Legal & General’ managing director, Paul Stanworth, said in a statement today: “Legal & General wants to regenerate cities and towns across the UK, and today’s announcement shows what can be done in partnership with a forward thinking council and a committed partner with shared aims and values.” James Lass, fund manager for Schroders, added: “Momentum is now building strongly as we move towards commencing with works on this transformational scheme in the spring and we look forward to continuing to work closely with the council to deliver a scheme of the very highest quality for Bracknell.”

Schroders’ share price has increased today. By 15:20 GMT, the fund manager’s stock had gained 0.47 percent to 3,015.00p. Meanwhile, Legal& General’s shares were changing hands at 272.80p — unchanged from their previous day’s closing level.
According to the Financial Times, the 19 analysts projecting 12 month price targets for the FTSE 100-listed retailer, have a median target of 2,959.50p, with a high estimate of 3,435.00p and a low of 2,364.00p. As of 14 February 2014, the consensus forecast amongst 352 polled investment analysts covering Schroders has it that the company will outperform the market.
As of 15:50 GMT, Friday, 20 February, Schroders plc share price is 3,014.50p.