Legal and general Property has acquired a portfolio of South East office assets for £135.5m from JLL and Capital Real Estate Partners.
The purchase, on behalf of a private family office client, nets the L&G UK Property Fund six offices in Weybridge, Slough, Bracknell, Basildon, and Cobham.
The portfolio covers 452,233 sq ft and has an average rent of £20.61 per sq ft and a total income £9.3m pa.
Tenants include Costain, Oracle, Procter & Gamble and Honeywell.
Matt Jarvis, fund manager at Legal & General Property, said: “This was a great opportunity to acquire high quality assets in strong South East towns where occupier demand remains high, but investment opportunities are often few and far between.
“The portfolio is fully let by blue chip tenants and its underlying strengths make it a natural fit for our UK property fund. They are decent income-producing assets and we see further potential for asset management by our team.”
