Legal & General (L&G), on behalf of its Managed Fund, has acquired 30 Golden Square, a newly refurbished Grade A office building in London’s West End. This is the fund's 12th acquisition this year, demonstrating its ongoing commitment and optimism for the sector.
30 Golden Square, which is situated in the heart of London’s Soho, is a freehold building comprising c. 3,018m2 of Grade A offices and ancillary accommodation arranged over basement, ground and seven upper floors and five external private terraces, a communal roof terrace and a communal business lounge. The building is currently multi-let to five office occupiers and one retail occupier. Constructed in 1999, 30 Golden Square underwent a comprehensive back-to-frame refurbishment in December 2023 and is currently targeted to achieve BREEAM ‘Excellent’, EPC A and zero emission aligned with UKGBC net-zero.
This acquisition aligns with L&G’s office investment strategy in that it has facilitated access to high-quality real estate in one of the most sought-after London locations. The building is also in close proximity to other L&G assets enabling further synergy across its London office portfolio.
Rob Codling, Fund Manager, Managed Fund, L&G Asset Management: “The market is displaying increasing signs of positivity, and we continue to take advantage of this point in the market cycle to deploy capital across all sectors of the market in line with Fund strategy. The offices sector has faced significant headwinds but, in our view, prime assets have largely rebased and we have strong conviction around those offices situated in the strongest locations and with the highest ESG credentials, like 30 Golden Square.”
This deal follows on from the Fund’s recent acquisition of 38 Finsbury Square, an asset that L&G aims to reposition to create a best-in-class sustainable Grade A office scheme.
Colliers acted for L&G. Savills acted for the Vendor.
Image source - L&G.
Europe Real Estate — an overview of real estate developments in European countries.
