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Legal & General has acquired a Sheffield city centre office block from Trinova Real Estate for around £50m.
LGIM Real Assets has bought Steel Vulcan House, a 120,000 sq ft modern office building, on behalf of its Annuity Fund.
The office will be refurbished and 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 this mandate 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.