LGIM Real Assets (Legal & General) has announced that it has acquired Steel Vulcan House, a 120,000 sq ft modern office building in the centre of Sheffield for approximately £50 million from Trinova Real Estate.
Acquired on behalf of Legal & General’s Annuity Fund, the office will be refurbished to create a high-quality and smart office building and is let in its entirety to a government department.
Legal & General was advised by Lewis Ellis and Clifford Chance. Cushman & Wakefield acted for the occupier, 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 said: “We are delighted to have completed this transaction and enjoyed working with all parties to achieve this outcome. 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.”