4 Jun 2019
Legal & General sells Birmingham office for around £140m
LGIM Real Assets (Legal & General) announces, on behalf of its second UK Property Income Fund (“UK PIF II” or the “Fund”), that it has sold Priory Court & The Lewis Building in Birmingham to Gulf Islamic Investments (“GII”) for a price approaching £140m. This sale represents the UK's largest office transaction outside of London this year.
This multi-let office property is strategically located in the heart of Birmingham's Central Business District. Since acquiring the property in 2014, Legal & General has comprehensively re-positioned it by delivering a substantial refurbishment program which included the creation of an additional floor comprising 12,462 sq ft of Grade A office accommodation.
Read the full press release via the link below
The sale of Priory Court & The Lewis Building marks the successful completion of the asset business plan and is testament to the skills and capabilities of our team of asset managers.
Will Edwards, Senior Fund Manager, LGIM Real Assets