Legal & General has sold a multi-let London retail asset on behalf of its BMW UK Trustees fund.
Legal & General said the 36-46 St John’s Road asset was sold for £25m (€28m) to an unnamed pension fund investor.
Rob Codling, fund manager at Legal & General, said: “Against wider uncertainty related to COVID-19, the agreed price represented an exceptional opportunity for the fund within a generally challenging retail market.”
Codling said the sale demonstrates that, in the current environment, retail cannot be viewed as a single sector, with some elements – like food stores – continuing to generate considerable interest.
“Following the sale and in line with its asset management strategy, the fund will now aim to reinvest the profits into further diversifying its portfolio in sectors more accretive to future performance.”
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