Legal & General Property has outsourced more than £1bn of property
It has appointed King Sturge to manage two portfolios including more than 100 single-tenanted and multi-let properties, which form part of L&G’s linked pensions and managed funds.
The portfolios generate an annual rental income of nearly £50m.
Mark Creedy, managing director at L&G Property, said: ‘Legal & General is now responsible for 14 client funds, comprising over 650 properties and more than 3,000 tenants.
‘Although we carry out the majority of property management work for our client funds in-house, the appointment of King Sturge will give us greater flexibility in coping with the considerable growth of funds under management, which now exceed £10bn.’