LGIM Real Assets has sold 72 Broadwick Street, W1, a mixed-use office and residential scheme in central London, to Shaftesbury for £87m.
The asset was acquired by LGIM Real Assets in January 2015 for £67m as the first purchase for its office joint venture partnership comprising Legal & General Capital and Dutch pension fund manager PGGM. The sale represents an annualised net IRR of 10%.
Located at the eastern end of Carnaby Street, the 54,100 sq ft office and residential block occupies a strategic island site at the junction of two Soho thoroughfares and is close to the Tottenham Court Road and Bond Street Crossrail stations, which will open in 2018.
The building provides offices, eleven apartments and a large basement car park.
Nigel Fuller, senior fund manager at Legal & General, said: “This is a fantastic deal for the partnership. We will now seek to deploy this capital into other market opportunities where we see further value.”
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
