German asset manager KGAL has bought a 47,600sqft London office building from Legal & General Investment Management for £56m (€65m).
KGAL said it has acquired 101 St Martin’s Lane in London’s West End on behalf of KGAL Core 4, an open-ended core European real estate fund.
André Zücker, managing director and head of real estate of KGAL Investment Management, said: “We continually monitor market conditions and we are convinced that now is a good time to invest in London again.
“101 St Martin’s Lane, a light-filled office building, is not only promising because of London’s market potential, but it also impresses with its location in the heart of trendy Covent Garden district.”
Built in 1991, the Grade A office building offers contemporary office space together with a ground floor retail unit all of which benefit from excellent transport links.
Christian Schulte Eistrup, head of KGAL’s international institutional business, said this is the fifth property KGAL has acquired for its core European property fund.
”Core 4 stands out from other ESG funds with its special focus on social aspects.”
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