One of Britain’s largest multinational financial services companies has reportedly agreed a deal to sell offices in London to a commercial property investment management firm.
Legal & General, which is the largest manager of UK pension assets, is set to sell 26 Red Lion Square, situated in London’s newly-dubbed Midtown district, to Orchard Street Investment Management LLP for around £85.1 million.
The office building was originally purchased by Legal & General in a deal worth £57 million back in 2010.
It provides 104,000 sq ft of office space, and is currently occupied by educational publishing company, TSL Education, and telecommunications specialists, Cable & Wireless Communications (CWC).
Midtown was first introduced as a name to cover the historic Bloomsbury, Holborn and St Giles districts back in 2010.
Gary Felce, a partner at Orchard Street Investment Management LLP, commented on the appeal the district had to the company in a statement.
He stated the district “is set for further growth, supported by the proliferation of businesses moving to Midtown and the forthcoming Crossrail station which will be opening just a short walk away.”
Based in the city, Orchard Street currently manages a portfolio featuring £3.3 billion worth of commercial real estate based in the United Kingdom.
By: Kirsty MacGregor
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