L&G acquires UK office portfolio for €190m

Legal & General Property (LGP) has purchased an office portfolio known as Compass in the southeast of the UK for £135.5 mln (€190 mln).

Sold by JLL and Capital Real Estate Partners on behalf of a private family office client, the six offices are located in the UK towns of Weybridge, Maidenhead, Slough, Bracknell, Basildon and Cobham.

All properties are held freehold and are single let, with current tenants including Costain, Oracle, Proctor & Gamble and Honeywell. The portfolio spans 452,233 sq ft (42,000 m2), and has a current total income of £9.3 mln per annum.

The portfolio was purchased by L&G’s UK Property Fund, a Property Authorised Investment Fund or PAIF.

'This was a great opportunity to acquire high quality assets in strong southeast towns where occupier demand remains high but investment opportunities are often few and far between,' said Matt Jarvis, fund manager at Legal & General Property.