LV= Asset Management (LVAM) has bought its first property for its newly formed LV= UK Property Fund.

The company, a subsidiary of the Liverpool Victoria Friendly Society, has bought 109-113 Sauchihall Street in Glasgow from fund managers Henderson for £2.93m.

Until 2013

The building is let to Orange until 2013 at a yearly rent of £164,500 – reflecting a yield of 5.25%.

The rent is also set to increase at a 2008 rent review.

New fund

In October LV=, which oversees £8bn of assets, announced it was launching the new fund, as well as 11 other new funds, by the end of the year.

LV= were advised by Griffiths Eccles, who are the retained investment advisers to the LV= UK Property Fund. Cushman & Wakefield acted for Henderson.