Legal & General’s investment management’s real asset division has bought a 20,000sqft office asset in northern England from Trinova Real Estate.
LGIM Real Assets said it acquired Steel Vulcan House in Sheffield for around £50m (€56.6m) on behalf of Legal & General’s Annuity Fund. The office, which will be refurbished, is fully let to a government department.
The UK insurer currently manages around £58bn of retirement annuities for policyholders and invest for their long-term return within Legal & General Retirement.
Tom Roberts, the head of strategic investment at LGIM Real Assets said: “This is a great deal for the fund, offering a secure long-term income stream as well as satisfying our objective of increasing our exposure to public sector let investments.”
Sam Resouly, a partner at Trinova Real Estate said: “We are delighted to have completed this transaction and enjoyed working with all parties to achieve this outcome.
“This is the first full life-cycle investment concluded on behalf of the Morood Investment Company and we are pleased that all parties achieved their goals.”