L&G Property snap up 2nd London office space in a matter of weeks

Legal and General Property has bought No. 4 The Square in Stockley Park from Ropemaker Properties, marking it’s second London office space purchase in a matter of weeks.

They paid £26 million for the building which has 81,403 square feet of office space on behalf of it’s Linked Pension Fund, which equated to a net yield of around 8.76% . The building is currently let to Cisco Systems for another 5 years with an annual rent of £2.4 million. Just two weeks ago L&G bought McKay Securities’ Lotus Park in Staines for £24.23 million at an 8% yield. According to Property Week, the insurance giant had to beat off stiff competition to seal the deal.

Talking about the new deal, Michael Barrie, Director of Balanced Funds at Legal and General Property, said; “The key to securing good assets remains the ability to act quickly and in this instance we successfully closed this deal in just 9 days. The transaction provides a high quality asset with the authority to add value over the medium term, by way of re-gearing the under lease and potentially securing new tenants as the occupational market improves.”

King Sturge advised Ropemaker Properties while Knight Frank represented Legal and General Property.

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