L&G buys Liverpool office for HMRC hub
LGIM Real Assets has bought the India Buildings in Liverpool from Shelborn Asset Management, and has prelet 270,000 sq ft in the building to the UK government.
HMRC has taken a 25-year lease for 270,000 sq ft across 10 floors at the building. Around 3,500 staff will be moving into the new government hub starting in 2019.
L&G bought the building from its development manager, Shelborn Asset Management, and the developer, Marwees India Buildings, on behalf of its LPI Income Property Fund.
LGIM Real Assets has bought the India Buildings in Liverpool from Shelborn Asset Management, and has prelet 270,000 sq ft in the building to the UK government.
HMRC has taken a 25-year lease for 270,000 sq ft across 10 floors at the building. Around 3,500 staff will be moving into the new government hub starting in 2019.
L&G bought the building from its development manager, Shelborn Asset Management, and the developer, Marwees India Buildings, on behalf of its LPI Income Property Fund.
The LPI Income Property Fund launched in 2010 and offers defined-benefit pension schemes an opportunity to invest in direct property with primarily public-sector backed, inflation-linked sources of income.
This deal is L&G’s third forward-funding agreement with the UK government. HMRC has already signed a 107,000 sq ft prelet at Salmon Harvester Properties’ 3 Glass Wharf in Bristol city centre and a 265,976 sq ft prelet at Legal & General and Rightacres’ Central Square scheme in Cardiff.
Adam Kerr, head of annuity transactions, LGIM Real Assets, said: “This is one of the largest-ever office lettings in the North of England and continues the trend of significant investments in Liverpool.”
Knight Frank acted for Marwees India Buildings and Shelborn Asset Management; Mason Owen acted for Legal & General.
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