M&G funds £200m for U.K. city center development

M&G Real Estate has committed £200 million ($282 million) to fund the construction of Ballymore’s Three Snowhill, a 420,000-square-foot office development in the city center of Birmingham, England, and the largest-ever U.K. city center office development outside London.

Councillor John Clancy, leader of the Birmingham City Council, said in a statement: “This is great news for Birmingham and builds on the city’s now established reputation as a leading center for the business, professional and financial services sector. We’re the U.K.’s most investable city and, with the masterplan for Snowhill providing a bold vision for replicating the success of places like Canary Wharf together with the £1 billion–plus [$1.4 billion] being invested in local infrastructure, it is clear that Birmingham’s attractiveness as a location to invest will continue to grow.”

M&G is funding construction of the third and