Legal & General announces that it has acquired Quarry House in Leeds for £243m. Representing its eleventh Government hub deal, the deal brings its investment into the Government Hub programme to over £1.5bn and investment into Leeds to over £1.1bn.
Acquired on behalf of Legal & General Retirement, the 373,913 sq ft 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 DWP. 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. Worth a combined value of £454m, the investments are creating and supporting 15,000 local jobs, while driving regional economic and productivity growth.
The deal closed the same day that Legal & General hosted its inaugural Future Cities Commission (FCC) in Leeds, where it pledged to invest significant further capital into UK cities, in partnership with the public sector and local communities. At the event, which hosted experts from across the UK, including mayors, local authority leaders, chief executives and industry leaders, it was debated how culture, sustainability, infrastructure, science and technology, and an aging population are all vital when thinking about building the cities of the future.
Speaking at the event, Nigel Wilson, CEO of Legal & General Group, said: “We have never had such a great opportunity to shape of our future cities in order to rocket fuel our economy and change lives for generations. $17tn earns less than nothing globally and we have growing pools of pension capital in the UK. Patient capital needs investment opportunities. That is why we will continue to invest in UK cities. Our latest Government Hub in Leeds is another great example.”