Legal & General has agreed to forward fund the construction of a new office facility in east London pre-let to a UK government department.
L&G said it will finance the 300,000sqft office building at 14 Westfield Avenue in Stratford, which has been pre-let on a 25-year lease to the Secretary of State for Communities and Local Government to establish a new HMRC regional centre.
No financial details were disclosed.
The development is being undertaken by Unibail-Rodamco Westfield and the building is expected to be ready for occupation in late 2020, the UK insurer said.
The building will be made up of office and ancillary accommodation set out over ground and 12 upper floors.
Acquired from Unibail-Rodamco-Westfield, this deal represents L&G’s seventh government hub forward funding deal.
Tom Roberts, the head of strategic investment at L&G, said: “This deal is the latest in a line of successful acquisitions of such Government-backed investments which have now surpassed the £1bn (€b1.1bn) mark in the last year.”
