Legal & General sells prime London office scheme
4 Jul 2018
LGIM Real Assets (Legal & General) today confirms the sale of prime London office scheme, Procession House. The 105,944sq ft office and retail site, which occupies a prominent island within the City of London, was sold on behalf of Legal & General’s Managed Property Fund (“the Fund”) to Goldman Sachs’ real estate principal investing group in a joint venture with Greycoat.
Situated on Ludgate Circus, Procession House is let to four tenants on full repairing and insuring leases. The office portion of the site, the large majority of the scheme, is currently leased to Goldman Sachs International until September 2024, subject to a break option in September 2019. Other occupants include The Co-operative, TM Lewin & Sons and Elvetham Ltd.
The sale supports the Fund’s wider strategy to move towards income generating investments.
Full press release is available via the link below
Procession House, which we acquired in April 2014, is a well located office scheme in the heart of the City of London. It is in an area which is set to benefit from the Crossrail effect, attracting a diverse range of occupiers... this sale represents an opportune exit for the Fund which will allow a redeployment of capital into income producing stocks...”
Mark Russell, Senior Fund Manager of the Managed Property Fund