L&G secures 26 Throgmorton Street for £17m
Legal & General Property (“LGP”) has purchased 26 Throgmorton Street, London EC2 for around £17m from the Church Commissioners.
Situated behind an attractive Grade II listed stone façade, the 22,336 sq ft building comprises offices over ground to fifth floors and a public house let to Greene King. Ranging from 1,500 sq ft to 3,000 sq ft, the offices are multi-let with the opportunity to refurbish and let two small units immediately in an under supplied, core City of London location.
Tim Russell, Fund Manager at Legal & General Property, commented: “In 26 Throgmorton Street we have acquired a prime building in the heart of the City, benefiting from close proximity to Bank station and the new Liverpool Street Crossrail station. Given that there is a shortage of office suites of the size offered here and the majority of supply side responses coming forward are focussed on larger floorplates, we have already identified asset management opportunities to ensure the building realises its full rental potential.”
GS Capital Advisors represented Legal & General Property and Gryphon Property Partners advised the vendor.
For further information, please contact:
Head of Communications, Real Assets, LGIM
020 3124 2777
Legal & General Property:
Legal & General Property (LGP) forms part of the Real Assets division of Legal & General Investment Management (LGIM), which is responsible for the company’s direct investment capabilities in property and infrastructure. One of Europe’s largest institutional asset managers and a major global investor, LGIM manages £525bn in assets on behalf of over 3,100 clients (31 March 2015), providing products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 19 funds or vehicles with an aggregate asset value of £16.5bn (31 March 2015). These include:
- Balanced Funds: Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- Specialist Pooled Funds: The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
- Single Asset Vehicles: Bracknell Regeneration Partnership; Central Saint Giles Partnership.
LGP’s UK-focused asset management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.