The £7.2bn (€6.2bn) Hampshire Pension Fund has added a 32,025sqft London office asset to its real estate portfolio.
Canada Life Investments said its LF Canlife UK Property ACS fund has sold Farringdon’s Superunion building for £29.6m to Hampshire County Council, acting as trustees of the UK local authority scheme. Property makes up 7.5% of Hampshire Pension Fund’s portfolio.
Michael White, head of UK property at Canada Life Investments, said: “We have seen office rental values increase to upwards of £65 per square foot in Farringdon and Clerkenwell since we acquired this building in 2014.
“The asset has performed very well and above its benchmark, and we felt it was an appropriate time to sell the property as we direct the ACS more toward a value-add asset management strategy.”
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