L&G Acquires 15 Bonhill Street in Shoreditch for Â£63m.
01 July 2014
Legal & General Property announces, on behalf of its Legal & General UK Property Fund (the “Fund”), that it has acquired 15 Bonhill Street, a prominent office building in Shoreditch, from Resolution Property for a total consideration of £62,600,000.
Located in the heart of “Tech City”, directly opposite Google’s “the Campus”, the office building comprises 110,210 sq ft of accommodation arranged over the basement, ground and six upper floors. Multi-let to six tenants, occupiers include Mindcandy, Aston Carter and American Express, providing a weighted average unexpired lease term of 6.8 years.
One of the fastest growing funds in its sector, launched in 2006 the Legal & General UK Property Fund has grown from £100 million to over £1.3 billion since inception and continues to see steady inflow of capital from both Retail and Institutional investors. Delivering strong returns, the Fund has outperformed the Lipper Property IMA Sector peers over one, three, and five years, with 1% per annum outperformance over the five years to January 2014.
Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, comments: "This purchase is aligned with our strategy of increasing the Fund’s weighting to growth style assets. Characterised by a predominance of thriving tech and social media companies that are fuelling further demand for space, we also believe that the area will benefit strongly from the opening of Crossrail. In addition, the property provides good sized floorplates with excellent levels of natural light, and we believe that there is scope for refurbishment and further asset management opportunities over the medium term.”
Allsop advised Resolution and Cortex Partners acted for Legal & General Property.
Notes to editors
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