L&G acquires South East office portfolio for €189.9 mln (UK)

Legal & General Property (LGP) has purchased a South East office portfolio for £135.5 mln (approx. €190 mln). Sold by JLL and Capital Real Estate Partners on behalf of a private family office client, the six high quality offices are located in the towns of Weybridge, Maidenhead, Slough, Bracknell, Basildon and Cobham.
All properties are held freehold and are single let, with current tenants including Costain, Oracle, Proctor & Gamble and Honeywell. The portfolio was purchased by L&G’s UK Property Fund, a Property Authorised Investment Fund.
Matt Jarvis, Fund Manager at Legal & General Property, said: "This was a great opportunity to acquire high quality assets in strong South East towns where occupier demand remains high but investment opportunities are often few and far between. The portfolio is fully let by blue chip tenants and its underlying strengths make it a natural fit for our UK Property Fund. They are decent income-producing assets and we see further potential for asset management by our team.”
Source: L&G Property