Legal & General acquires Sheffield office property for €56.3m (GB)

Legal & General acquires Sheffield office property for €56.3m (GB)

LGIM Real Assets has acquired Steel Vulcan House, a 120,000ft² modern office building in the centre of Sheffield from Trinova Real Estate for approximately €56.3m (£50m). Purchased on behalf of Legal & General’s Annuity Fund, the office will be refurbished to create a high-quality and smart office building. The property is fully let to a government department. Legal & General was advised by Lewis Ellis and Clifford Chance. Cushman & Wakefield acted for the occupier, a government department.

 

Tom Roberts, Head of Strategic Investment at LGIM Real Assets, commented: "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."

 

Sam Resouly, Partner at Trinova Real Estate, said: "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."

 

Related News