Legal & General Investment Management’s real asset division has bought a Scottish court and tribunal building from UK fund manager Moorfield Group for £50m (€56.2m).
Legal & General said the asset which was bought, on behalf of its Limited Price Inflation (LPI) Income Property Fund, brings the funds investment portfolio to £1.1bn.
Based in Glasgow, Atlantic Quay 3 is a 79,500sqft Grade A office building. It is fully let on a 25-year lease to the Scottish Courts and Tribunals Service.
Derek Gilby, the senior fund manager at LGIM Real Assets, said: “We are delighted to have secured the Scottish Courts and Tribunals Service as a tenant, boosting the public sector covenants for the Fund on this excellent office investment, whilst providing an inflation linked income stream and taking the size of the Fund to well in excess of £1bn.
“The LPI Fund has consistently delivered its performance targets since its launch in 2010 and offers the high credit quality and longevity of income that risk-averse investors are seeking in this market.”
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