INDUSTRY NEWS

L&G sells City Commercial Property

Legal and General (L&G) has sold One Fleet Place, its central London commercial property office block.

Property Week has reported conditional contracts have been exchanged on the City of London property.

Buyers Raymond Mould and Patrick Vaughan’s London & Stamford Property paid £74 million for the block.

Mr Mould said the building combines “an excellent blend of building quality, current market rent, long lease length, secure income and given the leverage we can apply, it gives us a very good income return on our investment”.

The office block is currently mainly let to international law firm Denton Wilde Sapte till 2025 and features 170,000 sq feet of space.

Legal & General is a savings and insurance business and has its commercial property assets managed through Legal & General Property (LGP).

In London current LGP projects include Walbrook Square, St Giles Court and 315-319 Oxford Street.ADNFCR-1329-ID-18958673-ADNFCR

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