Legal & General UK Property Fund has acquired an office building in the Shoreditch district of London from Resolution Property for almost £63 mln (€79 mln).
Legal & General UK Property Fund has acquired an office building in the Shoreditch district of London from Resolution Property for almost £63 mln (€79 mln).
Located at 15 Bonhill Street in the heart of 'Tech City' and directly opposite Google’s 'the Campus', the office building comprises 10,220 m2 of accommodation arranged over the basement, ground and six upper floors.
The 15 Bonhill Street property is multi-let to six tenants, including Mindcandy, Aston Carter and American Express, providing a weighted average unexpired lease term of 6.8 years.
Legal & General UK Property Fund has grown from £100 mln to over £1.3 bn since inception.
Matt Jarvis, fund manager of the Legal & General UK Property Fund, said: 'This purchase is aligned with our strategy of increasing the fund’s weighting to growth-style assets. Characterised by a predominance of thriving tech and social media companies that are fuelling further demand for space, we also believe that the area will benefit strongly from the opening of Crossrail.'
Allsop advised Resolution and Cortex Partners acted for Legal & General Property.