L&G Investment Management Real Assets has bought 3 Atlantic Quay, the central Glasgow Scottish court and tribunal building, for £50m.
It bought the asset from the Moorfield Group’s Moorfield Real Estate Fund III, on behalf of LGIM’s Limited Price Inflation Income Property Fund. The deal brings the fund’s investment portfolio to £1.1bn.
The 79,500 sq ft office is fully let on a 25-year lease to the Scottish Courts and Tribunals Service.
The Government Property Unit has also chosen Atlantic Square for a new 300,000 sq ft regional hub.
Legal & General was represented by Savills and Addleshaw Goddard.
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