LGIM Real Assets (Legal & General) announces, on behalf of its second UK Property Income Fund (“UK PIF II” or the “Fund”), that it has sold Priory Court & The Lewis Building in Birmingham to Gulf Islamic Investments (“GII”) for a price approaching £140m. This sale represents the UK's largest office transaction outside of London this year.
4 Jun 2019
This multi-let office property is strategically located in the heart of Birmingham's Central Business District. Since acquiring the property in 2014, Legal & General has comprehensively re-positioned it by delivering a substantial refurbishment program which included the creation of an additional floor comprising 12,462 sq ft of Grade A office accommodation.
Will Edwards, Senior Fund Manager, LGIM Real Assets: "The sale of Priory Court & The Lewis Building marks the successful completion of the asset business plan and is testament to the skills and capabilities of our team of asset managers."