Legal & General Property (LGP) has invested £159 mln (€226 mln) to acquire two further assets for its second UK Property Income Fund.
Legal & General Property (LGP) has invested £159 mln (€226 mln) to acquire two further assets for its second UK Property Income Fund.
The UK investor said on Monday that it purchased The Grafton Centre in Cambridge for £99 mln and First Central 200 (FC200) in West London for just under £60 mln for UK PIF II.
The latest investments take the total fund AUM to £372 mln.
The Grafton Centre was acquired from M&G Real Estate at a net initial yield of 5.18%. The asset comprises 46,000 m2 of retail and leisure space arranged over 84 units, and 1,150 car parking spaces. It is anchored by Debenhams and BHS, with other major retailers including H&M, Next, New Look, Topshop and Boots. The first floor comprises an eight-screen Vue cinema as well as a food court.
The FC200 Grade A office property in West London was sold by Wainbridge. Constructed in 2009, the office accommodation is arranged over seven floors and comprises 15,500 m2. The ground to third floor is let to engineering and construction company Bechtel until 2024. The remainder of the building totals almost 6,700 m2.
Strutt & Parker and Bidwells advised LGP on the Grafton Centre transaction, while Cushman & Wakefield acted for M&G Real Estate. Knight Frank represented LGP on FC200, while CBRE advised Wainbridge.
See also LGP picks up second Birmingham office at tight yield
