Legal & General buys £50m Sheffield ‘smart office’

LGIM Real Assets (Legal & General) said it acquired Steel Vulcan House, a 120,000 sq ft modern office building in the centre of Sheffield for £50 million from Trinova Real Estate.

Acquired on behalf of Legal & General’s Annuity Fund, the office will be refurbished to a “smart office” building and is let in its entirety to a government department.

Legal & General was advised by Lewis Ellis and Clifford Chance. Cushman & Wakefield acted for the occupier, a government department.

“This is a great deal for the fund, offering a secure long term income stream as well as satisfying our objective of increasing our exposure to public sector let investments,” said Tom Roberts, Head of Strategic Investment at LGIM Real Assets.

Sam Resouly, Partner at Trinova Real Estate, said: “This is the first full life-cycle investment concluded on behalf of the Morood Investment Company and we are pleased that all parties achieved their goals.”