Goldman Sachs buys London office scheme

Goldman Sachs’ real estate group, in a joint venture with Greycoat, has acquired a London office scheme from LGIM Real Assets on behalf of Legal & General’s managed property fund.

Financial details were not disclosed.

The majority of the 9,800 m2 office asset, dubbed Procession House, is currently let to Goldman Sachs International until September 2024, subject to a break option in September 2019. Other occupants include The Co-operative, TM Lewin & Sons and Elvetham.

‘Having obtained the relevant consents to reposition the asset and with the potential vacation of Goldman Sachs in September 2019, this sale represents an opportune exit for the fund which will allow a redeployment of capital into income producing stocks, in line with our strategy,’ said Mark Russell, senior fund manager of the managed property fund.

Legal & General was advised by Savills, whereas Cushman & Wakefield acted on behalf of Goldman Sachs.

 

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