L&G acquires £40m tower in the Docklands

 
Kasmira Jefford
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LEGAL & General Property said yesterday it has bought a West Tower in the Docklands for £40m, marking the third data centre site the firm has snapped up in three months.

The property, which makes up one half of the City Reach development near Canary Wharf, is the principal data-hosting facility of Telstra Global EMEA, the UK arm of the Australian telecoms company, Telstra.

Derek Gilby, senior fund manager at LGP, said: “There have been only a limited number of data centre investment transaction over the last year or two and, located in one of the premier data centre locations in the country and let to a strong covenant, this offers a strong, secure, long-dated and inflation hedged source of income.”