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Legal & General Offers Coutts Building for Sale at $285 Million

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May 22 (Bloomberg) -- The London headquarters building of Coutts & Co., which counts Queen Elizabeth II among its clients, was offered for sale by Legal & General Group Plc for more than 168.7 million pounds ($285 million).

The office building at 440 Strand near the Savoy Hotel has 180,480 square feet (16,800 square meters) of office space, the London-based insurer said in a statement today. The sale also includes 23 stores in the property.

Legal & General, the U.K.’s biggest manager of pension assets, acquired the building earlier this year as part of a group of 55 assets it purchased from Telereal Trillium for 550 million pounds. It’s the first time in 110 years that the property is being sold as a single asset, according to the statement.

Coutts is the wealth management unit of Royal Bank of Scotland Group Plc. The offices are leased to RBS until December 2037.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editors responsible for this story: Andrew Blackman at ablackman@bloomberg.net Jeffrey St.Onge

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