Canada Life Investments sells Farringdon office space for £29.6mn

London, UK - Canada Life Investments is pleased to announce the sale of Farringdon’s Superunion building for £29.6 million.

The sale of the virtual freehold took place on behalf of the LF Canlife UK Property ACS, and was sold to Hampshire County Council, acting as Trustees of the Hampshire Pension Fund. The 35,025 square foot grade A office space forms part of the Brewhouse Yard complex based in EC1 and is let to Superunion Ltd with a guarantee from WPP Group UK Ltd on a lease expiring Oct 2028.

The tenant is currently paying an annual rent of £994,691 per annum (£28.40 psf overall) which is subject to 5 yearly rent review to RPI with a cap of 4% and an collar of 1% per annum. The next review coincides with a tenant break option in Oct 2023.

Michael White Head of UK Property at Canada Life Investments commented
“We have seen office rental values increase to upwards of £65psf in Farringdon and Clerkenwell since we acquired this building in 2014. The asset has performed very well and above its benchmark, and we felt it was an appropriate time to sell the property as we direct the ACS more toward a value-add asset management strategy.”

Crossland Otter Hunt acted for Canada Life Investments and Michael Elliot on behalf of CBREGI acted for the purchasers.


For press and all media enquiries, please contact:
Rebecca Smith, Canada Life PR Manager

Notes to Editors:

About Canada Life Investments

Heritage, size & stability – founded in 1847, our parent business is part of the Great-West Life Group, which has over £940 billion in assets under administration. In our 100-strong London office, Canada Life Investments manages more than £38 billion in fixed income, property, real estate finance, and equities, as well as a comprehensive multi-asset range.
A long-term business – the very nature of our business is long-term. We have been building long-term relationships with our customers in the UK since 1903, demonstrated by our annuity customers and our fund propositions, which are targeted at long-term solutions.
A customer focus – Canada Life Investments is built on the needs of the customer. We want our clients to invest with us for the long-term, trusting us as custodians of their money. Our products are designed to deliver what our clients expect
Wide-ranging expertise – our team of investment professionals has an extensive track record across a wide range of assets, including bonds, equities, private placements and unlisted transactions. Our
award-winning property team also manages both direct property investments and commercial mortgages, while our real estate finance specialists have been providing finance solutions for acquisitions of good quality assets for over 25 years
We offer solutions – we understand the challenges our clients face, from regulatory issues to investment selection. Be it fixed income, property or equities we believe we are well-placed to help our clients navigate the market through a varied suite of products. These include domestic and international bonds and equities, UK commercial property and a comprehensive multi-asset range, which includes a set of risk-target managed funds that focus explicitly on client suitability

As at 31/03/2020

The value of investments may fall as well as rise and investors may not get back the amount invested.

Canada Life Investments is the brand for investment management activities undertaken by Canada Life Asset Management Limited, Canada Life Limited and Canada Life European Real Estate Limited. Canada Life Asset Management Limited (no. 03846821), Canada Life Limited (no.00973271) and Canada Life European Real Estate Limited (no. 03846823) are all registered in England and the registered office for all three entities is Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Please note that while Canada Life Asset Management and Canada Life Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.

CLI01687 Expiry 31/07/2021