Legal & General Investment Management's real assets division has sold 72 Broadwick Street, a mixed-use office and residential scheme in central London, to Shaftesbury for £87 mln (€99 mln).
The asset was acquired by LGIM Real Assets in January 2015 for £67 mln as the first purchase for its office joint venture partnership between Legal & General Capital and Dutch pension fund manager, PGGM.
The sale offers an attractive return against the Partnership’s investment objective to deliver an annualised net internal rate of return of 10%.
Located at the eastern gateway to Carnaby Street, the property will provides 54,100 sq ft (5,030 m2) of office accommodation, eleven apartments and a large basement car park.
'This is a fantastic deal for the Partnership and testament to the strength of our central London office strategy,' said Nigel Fuller, senior fund manager at Legal & General. 'Through clever stock picking and active asset management, the team has delivered an exceptional outcome for our investors and strong returns. We will now seek to deploy this capital into other market opportunities where we see further value.'
