Legal & General sells Birmingham office for around £140m
LGIM Real Assets (Legal & General) announces, on behalf of its second UK Property Income Fund (“UK PIF II” or the “Fund”), that it has sold Priory Court & The Lewis Building in Birmingham to Gulf Islamic Investments (“GII”) for a price approaching £140m. This sale represents the UK's largest office transaction outside of London this year.
This multi-let office property is strategically located in the heart of Birmingham's Central Business District. Since acquiring the property in 2014, Legal & General has comprehensively re-positioned it by delivering a substantial refurbishment program which included the creation of an additional floor comprising 12,462 sq ft of Grade A office accommodation.
Will Edwards, Senior Fund Manager, LGIM Real Assets:"The sale of Priory Court & The Lewis Building marks the successful completion of the asset business plan and is testament to the skills and capabilities of our team of asset managers."
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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.