Legal & General has acquired the JVC/Kenwood building at Staples Corner for £51.85m.
The Headquarters industrial facility is fully-let and situated on the M1/North Circular intersection. The 250,910 sq ft development sits on a 9.26 acre site and includes a distribution warehouse, together with an office building and two further warehouses.
Matt Jarvis, Senior Fund Manager of the Legal & General UK Property Fund, commented: “One of the most prominent sites on the North Circular, this investment represents a well-let, dynamic property in a sector that we believe continues to offer strong growth prospects. The price offers up front yield reward as well as the opportunity to add further value.
“In line with our fund strategy and based on our UK property market forecasts, the UK Property Fund continues to recycle its capital out of secondary assets and into stronger performing opportunities where we see prospects to drive value. Following these recent acquisitions, the Fund is making strong inroads in its reinvestment strategy, securing assets that are well positioned to provide value and long term income.”