Lebanese investment company M1 Group has confirmed its purchase of Times Place in London’s West End.

A subsidiary of the parent company, founded by the former Lebanese prime minister Najib Mikati and his brother, is understood to have paid £56.5m for the 60,000 sq ft building, as revealed in Property Week

Legal & General sold the office, at 45 Pall Mall, at a net initial yield of 7.5%.

Moustapha El-Solh, chief executive of M1 Real Estate, said: ‘Although the London real estate market, like many cities around the world, is currently seeing one of its worst downturns, we believe that making investments in prime assets with strong fundamentals is a sound long term strategy.

‘The current market situation means that Times Place represents good value now and, moreover, has the potential to deliver significant value over the long term.

‘Opportunities to invest in properties such as Times Place are relatively rare and this is a clear fit with M1’s long term strategy of building a global portfolio of prime assets in major cities around the world.’

Jones Lang LaSalle acted for Legal & General and M1 was represented by Fineman Ross.