Exelerating

Legal & General sells prime London retail asset for £25 million on behalf of its BMW (UK) Trustees fund

Legal & General publishes on its website:

“Legal & General, on behalf of its BMW (UK) Trustees fund (‘the Fund’), announces that it has completed the sale of 36-46 St John’s Road, Clapham Junction, a prime London retail asset, for £25m.

Sold off market to a pension fund investor and reflecting an initial net yield of 3.99%, the property comprises a multi-let retail parade with Waitrose, the anchor tenant, responsible for 66% of the income.

Fawcett Mead advised Legal & General on the sale of 36-46 St John’s Road.

As part of the asset management strategy, the Fund recently marked the topping out of One Victoria Street in Windsor, a 44,000 sq. ft. wellness-focused Grade A office building featuring an indoor wellness and relaxation garden, roof terrace and entertainment space. Owned in 50:50 partnership with L&G’s flagship UK Property Fund, contractors Bowmer + Kirkland are due to complete construction of the building in November 2020.

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BMW Group UK Pension Plans combined

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