Legal & General Property has completed the purchase of 81,403 sq ft of London office space, with the acquisition of No 4 The Square.
The insurance giant’s property division paid £26 million to Ropemaker Properties for the development, marking its second major office acquisition in a matter of weeks.
Earlier this month, LG Property also purchased Lotus Park in Staines for £24.3 million. According to Property Week, in order to do so it had beaten off stiff competition from rival buyers.
Michael Barrie, director of balanced funds at Legal & General Property, said: “The key to securing good assets remains the ability to act quickly and in this instance we successfully closed this deal in just nine days.
“The transaction provides a high quality asset with the opportunity to add value over the medium term, by way of re-gearing the under leases and potentially securing new tenants as the occupational market improves.”
No 4 The Square is let for another five years by computer giant Cisco Systems for £2.4 million per year.