Assets exchange

L&G acquires Glasgow offices in £50m deal

Atlantic Quay

Quay deal: L&G will add the courts building to its portfolio

Legal & General  Investment Management Real Assets has acquired a flagship office building on Glasgow’s riverside in a £50 million deal.

It has bought Atlantic Quay 3, a 79,500 sq ft block which was let to the Scottish courts and tribunals service on a 25-year lease last October.

According to Property Week it takes its LPI (Limited Price Inflation) Income Property Fund, launched in 2010, beyond the £1 billion mark.

The building was one of three blocks acquired by the Moorfield Group and joint venture partner Resonance Capital for £60m through its Moorfield Real Estate Fund III in September 2015.

Moorfield has undertaken a multi-million pound refurbishment programme.

Legal & General was represented by Savills and Addleshaw Goddard on the acquisition.

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