Legal & General has acquired its eleventh UK government office, after inking a £243 mln (€275 mln) deal for Quarry House in Leeds from R20.
The transaction brings its investment into the government hub programme to over £1.5 bn, and investment into Leeds to over £1.1 bn.
Acquired on behalf of Legal & General Retirement, the 373,913 ft2 (34,737 m2) office-based building is situated on the eastern fringe of Leeds city centre and let to the secretary of state for housing, communities and local government for 25 years, on behalf of the department for work and pensions.
'Our acquisition of Quarry House, Legal & General’s eleventh government hub investment, highlights the continued success - and our commitment to - the government hub programme,' said Tom Roberts, head of strategic investment at LGIM real assets.
'Our investment in the programme has now surpassed over £1.5bn and we have a very strong appetite to secure more,' Roberts added.
Quarry House marks Legal & General’s second government hub investment in Leeds in a month, having purchased Wellington Place on behalf of HMRC and NHS Digital in August. The two deals are worth a combined value of £454 mln.
Jones Lang LaSalle and Clifford Chance advised Legal & General on the Quarry House deal.