Sunday, January 22, 2006

Legal & General Divisional HQ in UK Sold for £73 Million

Freeman News - January 17, 2006

A subsidiary of The British Land Co plc has sold its interest in Legal & General House, Kingswood, Surrey for approximately £73.6m.

The property is let in its entirety to Legal & General Assurance Society Ltd. for a 20 year term from August 2005 with 5 yearly rent reviews. It comprises a well located and impressive headquarters complex with circa. 259,000 sq. ft. of offices set in 43 acres and within 5 miles of Junction 8 of the M25.
The marketing of the investment produced considerable domestic and international interest and has been acquired from British Land by Kingswood Property Holdings, with funding from The Royal Bank of Scotland plc. The sale price, above book value, reflects an initial yield to the purchasers of 3.9%, rising to 5.62% in April 2008.

Colliers CRE and Smee Associates acted for the vendor, advised by Nabarro Nathanson. DTZ Debenhams Tie Leung represented the purchaser, with legal advice from Clifford Chance LLP. Carey Olsen advised on Jersey aspects of the transaction. Sphere: Related Content

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