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LGP acquires three properties for £219m

by Andrea Waitrovich

Legal & General Property, on behalf of its open-end £2.2 billion ($3.33 billion) Managed Property Fund, has completed the off-market purchase of three U.K. properties from British Land for £219 million ($331.2 million).

The assets are the House of Fraser department store in Birmingham, Kingswood Retail Park in Hull and Grenfell Island, an office and leisure asset in Maidenhead.

LGP was advised by Knight Frank, Morgan Williams and CBRE.

Recently, LGP purchased the 13-property Ocean Portfolio for £120 million ($187.7 million). The seller was Lone Star Funds. The U.K. portfolio totals 2.46 million square feet. And the firm acquired the Aker headquarters in Aberdeen, Scotland, for £127 million ($203 million) from Aker Solutions and Abstract Securities.

In November, LGP formed a new strategic joint venture,

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