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M&G forms JV with Nomura Real Estate Development on €232m prime central London office scheme
Transactions - DECEMBER 15, 2023

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M&G forms JV with Nomura Real Estate Development on €232m prime central London office scheme

by Released

M&G Real Estate and Nomura Real Estate Development Ltd (NRED) have formed a joint venture on The Fitzrovia, a £200 million (€232 million, $254 million), 86,370-square-foot mixed-use scheme on Tottenham Court Road in London’s West End.

M&G made the investment on behalf of its 5 million policy holders in the £129 billion (€150 million, $164 million) Prudential With Profits Fund.

The Fitzrovia will capitalize on the demand for prime, class-A office buildings that champion key sustainability and employee-wellbeing demands as occupiers seek buildings that align closely with their own corporate goals. Recent reports from leading agents indicate that tenant demand for quality office space continues to be buoyant, accounting for 95 percent of leasing in the London offic

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