L&G sells Birmingham offices for £140m
Legal & General has sold Priory Court and The Lewis Building in Birmingham city centre to Gulf Islamic Investments for nearly £140 million.
It is the UK's largest office deal outside London so far this year.
The multi-let office property in Bull Street is in the heart of Birmingham's central business district.
The Lewis Building - now eight floors – takes in the original Lewis’s department store that dates from the 1920s and closed in 1991.
Since buying the property in 2014, Legal & General has carried out a substantial refurbishment programme which included the creation of an additional floor of 12,462 sq ft of Grade A offices.
After completing the refurbishment, Legal & General has let space to the Ministry of Justice, Spaces, Business Growth Fund and most recently Freightliner.
Will Edwards, senior fund manager for LGIM Real Assets, said: “The sale of Priory Court & The Lewis Building marks the successful completion of the asset business plan and is testament to the skills and capabilities of our team of asset managers. During the hold period, the fund has repositioned and re-let The Lewis Building, setting a new high rental tone, and the completion of its sale will deliver strong returns to the fund.”
