L&G buys GPA Leeds hub for £211m

Legal & General has bought a government-let Leeds office scheme for £211m from joint venture partners Hermes Investment Management and Canada Pension Plan Investment Board.

Legal & General Retirement will forward-fund the 377,730 sq ft project at 7-8 Wellington Place, which is being developed by Oxfordshire-based MEPC.

Investment giants Hermes and CPPIB still own the rest of the wider Wellington Place estate. Once completed, the wider scheme will total 1.5m sq ft of commercial, retail, leisure and residential space.

The government pre-let 7-8 Wellington Place in 2017 on a 25-year lease. The building has been fully