L&G spend hits £370m as it snaps up West End office
Legal & General’s Managed Fund has acquired its 12th asset of the year, taking its total spend for 2024 to £370m.
The company acquired Aviva Investors’ 30 Golden Square, W1, a roughly 32,500 sq ft, eight-storey grade-A office block.
While the property was initially marketed for around £75m, it is understood to have changed hands for less than the asking price at around £70m, which would reflect an estimated yield of 4.6%.
Legal & General’s Managed Fund has acquired its 12th asset of the year, taking its total spend for 2024 to £370m.
The company acquired Aviva Investors’ 30 Golden Square, W1, a roughly 32,500 sq ft, eight-storey grade-A office block.
While the property was initially marketed for around £75m, it is understood to have changed hands for less than the asking price at around £70m, which would reflect an estimated yield of 4.6%.
The building is multi-let to five office occupiers, including venture capital firm Highland Europe, as well as a 641 sq ft lease to Kiss the Hippo Coffee shop.
The deal follows L&G’s recent acquisition of media company Bloomberg’s former offices at 38 Finsbury Square, EC2, for £39m.
Built in 1999, 30 Golden Square underwent a refurbishment at the end of last year, which enabled it to target high sustainability credentials, such as EPC A and BREEAM Excellent.
Rob Codling, fund manager of the Managed Fund at L&G Asset Management, said: “The offices sector has faced significant headwinds but we have strong conviction around those offices situated in the strongest locations and with the highest ESG credentials, like 30 Golden Square.
“The market is displaying increasing signs of positivity, and we continue to take advantage of this point in the market cycle to deploy capital across all sectors of the market in line with fund strategy.”
Colliers acted for L&G and Savills acted for the Aviva Investors.
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