Legal & General Offers Coutts Building for Sale at $285 MillionNeil Callanan
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.