L&G sells Covent Garden residential development to Capco for £32m
Legal & General Property (“LGP”) announces that it has sold its freehold interests in 31-33 Bedford Street in Covent Garden to Capital & Counties Properties PLC (“Capco”) for a total cost of £32 million, including purchaser’s costs.
The sale follows LGP’s successful planning gain for conversion of the office space, overlooking St Paul’s Church Gardens, into 12 residential apartments, secured in 2014. The asset comprises 25,000 sq ft and includes retail and restaurant space with prime frontage onto Bedford Street.
Matt Jarvis, Fund Manager at Legal & General Property, commented: “The asset was acquired from ING in December 2009, as part of a major £142m mixed-use Covent Garden Estate. Since purchase the team has worked hard to identify and execute a programme of significant asset management, including obtaining consent to convert 10 of the buildings, of which this is one, from office to residential in order to provide high quality residential space in this increasingly popular prime residential location This sale demonstrates the continued strength of the Covent Garden market as one of London’s great regeneration success stories.”
One of the fastest growing funds in its sector, launched in 2006 the UKPF has grown from £100 million to £1.7bn since inception, as it continues to see steady inflow of capital from both Retail and Institutional investors. Delivering strong returns, it has outperformed the Lipper Property IMA Sector peers over one, three, and five years.
CBRE acted for Legal & General Property.
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For further information, please contact:
PR Manager, Legal & General Property
020 3124 2777
Notes to editors:
Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £465bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.5bn as at 30 October 2014. These funds include:
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 fund 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.