L&G invests £211m in Leeds office asset pre-let to HMRC
Legal & General (L&G) has acquired a £211m (€233m) northern England office asset from Canada Pension Plan Investment Board and Hermes Investment Management.
The UK insurer said, through its retirement arm, it has forward funded the pre-let 377,730sqft Wellington Place office asset in Leeds.
The asset includes two office buildings, basement car parking and associated retail and leisure facilities.
The asset has been let to The Secretary of State for Communities & Local Government on behalf of HMRC and NHS Digital.
The latest deal is L&G’s tenth government hub in the centre of Leeds. Over the past three years, L&G has invested over £1.5bn into developing government hubs in cities across the UK.
Gordon Aitchison, director of investment and development at L&G’s investment management arm LGIM Real Assets, said: “Representing Legal & General’s 10th Government Hub, these investments are a perfect match for our UK pension commitments, providing high-quality long-term investments while also aiding vital regional regeneration.
“As the second-largest financial hub outside of London, with a strong and growing workforce, our investment in Leeds will have a meaningful impact on the region, providing quality office space and creating tens of thousands of jobs.”