Legal & General snaps up South-East industrial estate for over £20million
LGIM Real Assets (Legal & General) announces that it has acquired Lineside Industrial Estate in Sussex for £21 million.
The south east industrial estate has been bought on behalf of Legal & General’s Managed Property Fund from Cording Real Estate Group, the European real estate investment and asset management firm.
It is let to 22 tenants at an average headline rent of £5.43/sq ft with a weighted average unexpired lease term of 5.2 years to expiry and 3.0 years to tenant breaks.
Mark Russell, Senior Fund Manager of the Managed Property Fund:"This is a great buy for the Fund, providing a rare opportunity to purchase a relatively large south east industrial asset within a supply-constrained market... which will deliver strong returns to our investors."
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Established in 1836, L&G 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 FY25) of which c. 43% (c. £0.5 trillion) is international. We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.