Legal & General’s UK Property Fund has acquired 55 Strand in London (pictured) and 5 Vanwall Business Park in Maidenhead from Aviva for a total of just over £60.6m.
L&G paid £37.4m for 55 Strand, WC2 – a yield of 4.34%. The 24,802 sq ft multi-let office covers eight floors and average £57 per sq ft rent.
LGP has also purchased the freehold of the 53,821 sq ft 5 Vanwall business park in Maidenhead for £23.3m – a net initial yield of 6.45%.
The block is entirely let to SAP, an enterprise software and service firm.
Colliers advised LGP on the purchase of 5 Vanwall Park, with Aviva being represented by Knight Frank. Fineman Ross advised Aviva on the sale of 55 Strand, and CBRE advised LGP.
