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Legal & General sells Soho office asset to Shaftesbury for £87 million
LGIM Real Assets announces that it has sold 72 Broadwick Street, a mixed-use office and residential scheme in central London, to Shaftesbury plc for £87 million.
6 Dec 2017
LGIM Real Assets announces that it has sold 72 Broadwick Street, a mixed-use office and residential scheme in central London, to Shaftesbury plc for £87 million.
The asset was acquired by LGIM Real Assets in January 2015 for £67 million as the first purchase for its office joint venture partnership between Legal & General Capital and Dutch pension fund manager, PGGM. The sale offers an attractive return against the Partnership’s investment objective to deliver an annualised net IRR of 10%.
Located at the eastern gateway to Carnaby Street, the property occupies a strategic island site at the junction of two key Soho thoroughfares and will benefit significantly from the opening of both the Tottenham Court Road and Bond Street Crossrail stations in 2018. The building provides 54,100 sq ft of office accommodation, eleven apartments and a large basement car park.
Nigel Fuller, Senior Fund Manager at Legal & General, said: "This is a fantastic deal for the Partnership and testament to the strength of our central London office strategy. Through clever stock picking and active asset management, the team has delivered an exceptional outcome for our investors and strong returns. We will now seek to deploy this capital into other market opportunities where we see further value."
Further information
Notes to editors
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.
Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
IMPORTANT INFORMATION
For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap, and respond to a scarcity of supply that is underpinned by enduring societal needs.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.