The financial services group has purchased the Wellington Place hub scheme in the centre of Leeds and will forward fund the development. This represents the company's 10th Government Hub.
Funded by Legal & General Retirement, the deal will create and support 15,000 local jobs and drive regional economic and productivity growth.
Totalling 377,730 sq ft across eight floors, Wellington Place includes two Grade A office buildings with BREEAM Excellent status, basement car parking and associated retail and leisure facilities. The buildings have been purchased for £211 million from joint venture partners, Canada Pension Plan Investment Board (CPPIB) and Hermes Investment Management.
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It has fully let to The Secretary of State for Communities & Local Government on behalf of HMRC and NHS Digital, representing the largest regional pre-let in a decade.
This latest funding means Legal & General has now invested over £1.5 billion into developing Government Hubs in key cities across the UK over the past three years.
Gordon Aitchison, Director of Investment and Development at LGIM Real Assets said: "Representing Legal & General's 10th Government Hub, these investments are a perfect match for our UK pension commitments, providing high-quality long-term investments while also aiding vital regional regeneration. As the second largest financial hub outside of London, with a strong and growing work force, our investment in Leeds will have a meaningful impact on the region, providing quality office space and creating tens of thousands of jobs."
(CM/JG)
