M&G Real Estate has purchased Fleet Place House, an 8,550-square-meter (92,000 square-foot) office building in the City of London for £111.7 million (€122.81 million/$145.05 million). The deal, which was made on behalf of an Asian separate account mandate, is the first direct acquisition in the United Kingdom as part of a broader strategy to invest in value-add opportunities.
Compared with many other global cities, the United Kingdom’s capital offers relative value, with current market dislocations presenting opportunities for investors. London has low levels of new class A supply, a muted pipeline of new development and, while overall transactional activity will be subdued versus previous years, Central London’s office market remains one of the most liquid and transparent, globally.
M&G Real Estate plans to repurpose the 20-year-old building, located close to Thameslink, Crossrail and London Underground transport hubs, to create a sustainable, modern of
