Legal & General has agreed to forward fund the construction of a new UK government office facility at 14 Westfield Avenue in Stratford, London, which is being developed by Unibail-Rodamco Westfield.
Financial details were not disclosed.
The asset has been pre-let to the Secretary of State for Communities and Local Government to establish a new HMRC regional centre in Stratford on a 25-year lease.
'This deal is the latest in a line of successful acquisitions of such Government backed investments which have now surpassed the £1bn mark in the last year,' said Tom Roberts, head of strategic investment at Legal & General.
'We are delighted to be partnering with Unibail-Rodamco-Westfield on this development and are firm believers in Stratford’s excellent fundamentals as evidenced by our existing ownership of the nearby TfL building, and are thrilled to add this investment to our portfolio.'
Acquired from Unibail-Rodamco-Westfield, this deal represents Legal & General’s seventh Government hub forward funding deal.
The asset stands immediately south west of the Westfield Stratford City shopping centre and immediately north-east of the TfL building, which was also funded by Legal & General and the Olympic Aquatic Centre on Westfield Avenue.
Scheduled to be ready for occupation in late 2020, the grade A office building will comprise approximately 300,000 ft2 of office and ancillary accommodation set out over ground and 12 upper floors.
Cushman & Wakefield, CBRE and HSF acted for Unibail-Rodamco-Westfield. Macfarlanes and JLL acted for Legal & General.