Runnymede Borough Council has paid £32.9m (€37.5m) to buy the UK headquarters of Honeywell Control Systems from LGIM Real Assets.

Announcing the deal, LGIM said it has completed the sale of the 72,604sqm Honeywell House in Bracknell town centre.

The sale of Honeywell House to Runneymede Borough Council forms part of their investment strategy to acquire assets to secure income in order to fund an in-borough regeneration programme.

In 2019, LGIM Real Assets carried out a refurbishment of the asset as well as completing a re-gear with occupiers Honeywell Control Systems agreeing to a new 11.5-year term for the asset as their headquarters.

Matt Jarvis, senior fund manager at LGIM Real Assets, said having acquired the asset for £23.2m in 2015, the sale of Honeywell House for £32.9mn marks the conclusion of a highly successful asset management programme, having re-geared the lease with Honeywell last year.

“We initiated the sale of this asset in January 2020 and are pleased with the price we have achieved. This sale demonstrates that despite a more challenging market, strong assets continue to generate interest.”