The family behind toy brand LEGO is under offer to buy its second Midtown office block, the building next door to its first.
KIRKBI, the investment vehicle of the Kirk Kristiansen family, has agreed to pay Union Investment around £55m 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-floor office scheme that is currently being marketed to let through Cushman & Wakefield.
There is no immediate synergy between the two buildings; however, there are likely to be opportunities to add value over the long term.
Union instructed Savills to sell the 60,000 sq ft 1 Plough Place in March this year for around £51.5m. It paid £36.3m for the building in 2009.
The Big Lottery Fund currently occupies the building on 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
