M&G Real Estate Purchases London Office Bldg For £132mil
UNITED KINGDOM – M&G Real Estate, an investment manager of properties across the globe, revealed on Wednesday that it has purchased a Grade A office building in West End, London for £132 million (S$239.6 million), reported The Edge on Thursday afternoon (27 January, SGT).
It officially announced that the acquisition of the commercial property was carried out via an off-market transaction, and the deal was made on behalf of a separate Asian account mandate.
Known as Ryder Court, the 5-storey office building situated at St James in West End measures approximately 75,000 sq ft. At present, the commercial property’s workspace is leased to multiple different tenants in the hospitality industry and financial sector.
M&G Real Estate disclosed that it intends to invest additional funds to carry out asset enhancement initiatives (AEI) to spruce up Ryder Court’s reception area, as well as install shower facilities and add storage space for bicycles.
Notably, the global real estate investment manager has picked up 3 properties on behalf of the separate Asian account mandate, in accordance with the customer’s strategy to invest in core plus assets and those that provide value-add opportunities.
In December 2021, M&G Real Estate divested a central London office building known as Saffron House for £95 million. The selling price represented a 22 percent premium for the commercial property after the investment manager purchased the asset on behalf of the Asian customer in March 2021.
