Legal & General sells all properties under Bishopsgate Property Fund

Legal & General’s asset management arm has sold off the entire portfolio of the Bishopsgate Property Fund. 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.

City A.M.