London-headquartered Legal & General Investment Management (LGIM) has sold off one of its UK property income fund’s assets for £140 million (€157.8 million) through its real assets arm – in what the company says is the UK’s largest office transaction outside of London this year.
The multi-let office space, located in the heart of Birmingham’s central business district, has been sold to UAE-based Gulf Islamic Investments (GII).
Comprised of 12,642 sq ft, the Priory Court & The Lewis Building, acquired by Legal & General in 2014, is considered grade A office accommodation.
LGIM Real Assets has delivered lettings there to the UK’s Ministry of Justice, co-working company Spaces, and Freightliner. The highest rent achieved at the property was £32 per sq ft.
GII co-founder and chief executive Pankaj Gupta said the UAE-based firm was pleased to “expand its investment portfolio in the UK.” GII was advised over the transaction by Dubai-headquartered Rasmala Investment Bank.
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