LGP snaps up 120 Aldersgate Street for GBP25.7m
Legal & General Property’s (LGP) UK Property Unit Trust (PUT) has acquired 120 Aldersgate Street in the City of London for GBP25.75m from Silvertown Properties Limited, equating to a net initial yield of 5.68 per cent.
Located in a growth location in the northern city fringe, close to the eastern entrance of Farringdon Crossrail Station, the asset comprises 46,290 sq ft of high quality office accommodation arranged over ground and eight upper floors.
Fully let, occupiers at the property include Skanska Construction, Reuters and Valtech.
Matt Jarvis, fund manager of the PUT at Legal & General Property, says: “Well located in an area of the City that we think is at the start of a period of positive structural shift, both as a result of new schemes in the vicinity and Crossrail, we believe that this investment is well positioned to capture growth over the medium term, whilst offering longer term asset management opportunities.”
Launched in 2006, the PUT has grown from GBP100m to over GBP1.1bn since inception. Equating to 35 per cent growth per year on average, it is one of the very few property funds in the sector that continues to see steady inflow of capital from both retail and institutional investors.
Investing its money in a range of retail, office and industrial market opportunities across the UK, that provide the potential for long-term capital growth, the fund also invests in alternative sectors such as car showrooms and hotels, whilst retaining liquidity by using further investment capabilities such as REITs and derivative trades.
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