JUNE 30, 2014

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M&G Real Estate pays $522m for RBS headquarters

by Andrea Waitrovich

M&G Real Estate has purchased the two-building RBS headquarters in Manchester, England, for £306 million ($521.9 million). The seller of the 500,538-square-foot office was Matrix Property Fund Management. JLL represented the seller.

The purchase of 1 Spinningfields Square was made on behalf of an internal client fund of M&G Real Estate, while 1 Hardman Blvd. was purchased on behalf of a third-party client of M&G Investments. The two class A offices are leased in their entirety to RBS for a further 23 years and are subject to annual fixed uplifts of 3 percent.

“This deal is testament to the strength of our approach to investing in long-lease property, which combines the expertise of our two business units in order to analyze both the real estate and fixed income/credit components,” says Steffan Francis

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