Legal & General sells all properties under Bishopsgate Property Fund to £500m tune
Legal & General’s asset management arm has sold all properties held by Bishopsgate Property Fund for just under half a billion pounds.
Legal & General Investment Management Real Assets (LGIM Real Assets) revealed it had sold all sites for £474m, on behalf of the joint venture partnership with PGGM and Legal & General Capital (LGC).
Bonanza property deals included the sale of 101 St Martin’s Lane in London, Selco in Walthamstow, 95-97 High Street in Clapham and I-Scene in Ilford.
LGIM Real Assets sold 11 assets across all sectors in London and Brighton to individual buyers for a combined sales value of £169.5m.
After the final disposal, the sales value doubled the MSCI reported capital value growth since the portfolio was acquired in 2014.
The joint venture was acquired for £360m, with a portfolio containing 24 assets.
A total of 128 value accretive asset management initiatives created approximately £57m of added value, during LGIM Real Assets’ management of the portfolio.
“We are delighted to have successfully concluded the disposals programme necessary to conclude the Bishopsgate Property Fund strategy within our targeted timeframe and to have delivered a geared return significantly in excess of the investment objective,” Will Edwards, head of emerging strategies for LGIM Real Assets, said.
“We have enjoyed working and building a successful relationship with both Limited Partners over the past seven years.”
“We are very pleased with the successful execution of the joint venture strategy. The value-add initiatives have been very well managed in the unique market circumstances,” Dirk Bootsma, senior director for PGGM, added.