Legal & General acquires Steel Vulcan House, in Sheffield for £50m
16 Jul 2018
LGIM Real Assets (Legal & General) announces that it has acquired Steel Vulcan House, a 120,000 sq ft modern office building in the centre of Sheffield for approximately £50 million.
LGIM Real Assets (Legal & General) announces that it has acquired Steel Vulcan House, a 120,000 sq ft modern office building in the centre of Sheffield for approximately £50 million from Trinova Real Estate.
Acquired on behalf of Legal & General’s Annuity Fund, the office will be refurbished to create a high-quality and smart office building and is let in its entirety to a government department.
Legal & General was advised by Lewis Ellis and Clifford Chance. Cushman & Wakefield acted for the occupier, a government department.
This is a great deal for the Fund, offering a secure long term income stream as well as satisfying our objective of increasing our exposure to public sector let investments.
Tom Roberts, Head of Strategic Investment at LGIM Real Assets
We are delighted to have completed this transaction and enjoyed working with all parties to achieve this outcome. This is the first full life-cycle investment concluded on behalf of the Morood Investment Company and we are pleased that all parties achieved their goals.
Sam Resouly, Partner at Trinova Real Estate
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Notes to editors
LGIM Real Assets
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £983.3bn in assets on behalf of over 3,200 clients (as at 31 Dec 2017), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £27bn (as at 31 Dec 2017), actively investing and managing assets across commercial property, private residential, infrastructure and property lending and, most recently, corporate credit.
Legal & General Group
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with a number of growing businesses in the US. Over fifteen million people worldwide rely on us to help them save for the future and to protect their families and their homes.
We operate in three principal areas:
-Investing & Annuities, where we manage £58bn of retirement annuities for policyholders and invest for their long term return within Legal & General Retirement, as well as investing our own balance sheet within Legal & General Capital;
-Investment Management, where we have £983bn in total assets under management from clients in the UK, US, Asia and EMEA and a leading UK workplace savings and retail investments business within LGIM; and
-Insurance, where we provide protection against life events for customers, with £2.9bn of gross written premiums principally in life insurance in the UK and US within Legal & General insurance and household insurance in the UK within our General insurance division.