The family behind toy brand Lego is under offer to buy its second Midtown office block – next door to its first.
KIRKBI, the investment vehicle of the Kirk Kristiansen family, has agreed to pay Union Investment around £5m for 1 Plough Place, EC4, reflecting a net initial yield of 4.75%.
The building adjoins the company’s New Fetter Place development, an 11-storey office scheme that is currently being marketed through Cushman & Wakefield.
There is no immediate synergy between the two buildings, but there are likely to be opportunities to add value over the long term.
Union, which paid £36.3m for the building in 2009, instructed Savills to sell ?60,000 sq ft 1 Plough Place in March this year for around £51.5m.
The Big Lottery Fund currently occupies the building on a lease expiring in 2021. It pays £49 per sq ft.
A KIRKBI spokesman said the group was “interested in real estate in London” but declined to comment further.
JLL is advising KIRKBI; Savills is acting for Union.
jack.sidders@estatesgazette.com
