Transactions - JANUARY 28, 2015

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PGGM forms second partnership with Legal & General

by Andrea Waitrovich

Legal & General Capital and Dutch pension fund manager PGGM have launched a £375 million ($569.68 million) London office joint venture partnership, marking the second strategic partnership between the firms.  

Legal & General Property will lead the acquisitions process and act as the fund manager.

The joint venture has been set up to make investments between £30 million and £90 million ($45.57 million to $136.72 million) in the Central London office sector.

Its first investment was the 65,316-square-foot 72 Broadwick St. in Soho. The sales price was £67 million ($101.78 million). The space contains 54,097 square feet of office space and 11,219 square feet residential accommodation, arranged over part basement, part ground and six upper floors. The offices, including the 22 underground parking spaces, are leased to The National Magazine Co. for a term of 15 years, expiring on September 17, 2018.

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