£211m deal for Leeds government hub building

A major Leeds office development that is set to become home to a government hub has been acquired for £211m.Legal & General has completed an acquisition and forward funding deal for the new government hub at the Wellington Place development in Leeds.The secretary of state for communities & local government, on behalf of HMRC and NHS Digital, has previously agreed a deal to pre-let 7 & 8 Wellington Place.The two office buildings comprise 377,730 sq ft across eight floors, with basement car parking and associated retail and leisure facilities.The buildings have been purchased for £211m from joint venture partners Canada Pension Plan Investment Board (CPPIB) and Hermes Investment Management.The latest deal, which is funded by Legal & General Retirement, means that Legal & General has now invested £1.5bn into developing government hubs in key cities across the UK.Knight Frank and Lewis Ellis advised Legal & General.Hermes and CPPIB have retained ownership of the rest of the Wellington Place estate. Once completed, the wider scheme will comprise 1.5 million sq ft of commercial, retail, leisure and residential space.