LGIM Real Assets (Legal & General) has acquired Steel Vulcan House, a 120,000 sq ft (11,150 m2) office building in the centre of Sheffield, UK for £50 mln (€57 mln) from Trinova Real Estate.
The asset, which will be refurbished, was acquired on behalf of Legal & General’s Annuity Fund. It is let in its entirety to a government department.
Tom Roberts, head of Strategic Investment at LGIM Real Assets said: 'This is a great deal for the fund, offering a secure long-term income stream as well as satisfying our objective of increasing our exposure to public sector let investments.'
Sam Resouly, partner at Trinova Real Estate added: 'This is the first full life-cycle investment concluded on behalf of the Morood Investment Company and we are pleased that all parties achieved their goals.'
Legal & General was advised by Lewis Ellis and Clifford Chance. Cushman & Wakefield acted for the occupier, a government department.