Legal & General Property has bought the headquarters of transport and security group Thales for £80m.
The 371,319 sq ft Sapphire Campus in Crawley, Surrey, comprises two grade-A office buildings and is 2.5 miles from Gatwick Airport. L&G bought the building from industrial property specialist SEGRO.
The building is let for 13 years and is subject to rental uplifts of 2.5%.
Gordon Aitchison, director of investment and development at Legal & General Property, said: “Situated in a strategic area, with immediate proximity to Gatwick airport, and let to a strong covenant,
Sapphire Campus provides us with an attractive running yield and fixed rental increases for the duration of the lease. Thales has a long history of occupation in Crawley and has invested significantly in this site, which is its UK headquarters, demonstrating its continued commitment to the town through its further expansion of operations.”
Legal & General Property is a wholly-owned subsidiary of Legal & General Investment Management, which has assets of £391bn under management globally.
sophia.furber@estatesgazette.com
