Legal & General has expanded its government hub programme to over £1.5bn (€1.7bn) with the acquisition of an asset in northern England from R20.
The UK insurer said it bought the 373,913sqft Quarry House office asset in Leeds for £243m on behalf of Legal & General Retirement.
The asset is let to The Secretary of State for Housing, Communities and Local Government for 25 years.
Quarry House marks L&G’s second government hub investment in Leeds in a month, having purchased Wellington Place on behalf of HMRC and NHS Digital in August.
The latest deal is L&G’s eleventh government hub deal.
Tom Roberts, head of strategic investment, at LGIM Real Assets said the acquisition of Quarry House is L&G’s eleventh government hub investment.
”Our investment in the programme has now surpassed over £1.5bn and we have a very strong appetite to secure more.
“Aiding regional regeneration and supporting employment and productivity growth remains a key driver for us, whilst the government hubs programme is a perfect match for Legal & General Retirement’s pension commitments, offering security through high-quality long-term investments.”
