Press releases

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

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Faye Bennett

PR Manager

Legal & General Capital

Notes to editors

Legal & General Investment Management Real Assets (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 £1.28tn in assets (as at 31 December 2020), 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 £36.3bn (as at 31 December 2020) 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. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.

(As of June 2021)

IMPORTANT INFORMATION

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. Past performance is no guarantee of future results. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.

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.

Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.

Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.

(As of June 2021)

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

* at 30 June 2021