Legal & General sells prime London retail asset for £25 million

Rob Coding: "Against wider uncertainty related to Covid-19, the agreed price represented an exceptional opportunity for the Fund within a generally challenging retail market. The sale demonstrates that, in the current environment, retail cannot be viewed as a single sector, with some elements – like food stores – continuing to generate considerable interest. Following the sale and in line with its asset management strategy, the fund will now aim to reinvest the profits into further diversifying its portfolio in sectors more accretive to future performance.

As we look to create future value for the Fund, our investment at One Victoria Street will help boost job creation and stimulate the local economy, whilst providing an ideal base for companies working in the South East of England. This is a truly unique development, with views over Windsor Castle and Great Windsor Park, providing businesses with state-of-the-art facilities which will help drive employee, health, satisfaction and wellbeing."

Jonathan Mills: "We are delighted to have completed successfully on this sale at an attractive exit price for Legal & General, clearly demonstrating the continued attractiveness of the foodstore market in an otherwise very uncertain environment. The fact that the property is majority let to a foodstore operator and pharmacy chain, both deemed as providing essential retail services, was undoubtedly a key driver for the transaction completing successfully. The property was sold off market to a pension fund investor who we had identified as having a specific requirement for an investment that matched the subject property’s characteristics."