Press releases
Legal & General sells Grade A Bracknell office for £32.9M
LGIM Real Assets announces that it has completed the sale of Honeywell House, Bracknell town centre, to Runnymede Borough Council for £32.9 million, reflecting a net initial yield of 5.32%.
2 Apr 2020
Honeywell House comprises 72,604 sq ft of Grade A office space and is let with a strong tenant covenant to Honeywell Control Systems Limited. In 2019, LGIM Real Assets carried out extensive refurbishment of the asset as well as completing a re-gear with occupiers Honeywell agreeing a new 11.5 year term. This transaction enabled Honeywell to have Bracknell as their new headquarters and delivered significant added value.
The sale of Honeywell House to Runnymede Borough Council forms part of their investment strategy to acquire high quality assets to secure income in order to fund an in-borough regeneration programme.
Colliers acted for Legal & General on this deal and TT&G advised Runnymede.
Matt Jarvis: "Having acquired the asset for £23.2 million in 2015, the sale of Honeywell House for £32.9 million marks the conclusion of a highly successful asset management programme, having re-geared the lease with Honeywell last year. We initiated the sale of this asset in January 2020 and are pleased at the price we have achieved. This sale demonstrates that despite a more challenging market, strong assets continue to generate interest."
Further information
Harriet de Beaufort-Suchlick
Senior Communications Manager
Legal & General Capital
T: 07717 533 079
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Investment Management
LGIM is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.16 trillion1 ($1.47tn, €1.35tn, CHF 1.31tn). We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
1 Data as at 30 June 2023. Data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong.
Assets under management include securities and derivatives positions
*as at HY 2023