M&G Real Estate purchases grade-A office building in London
M&G Real Estate, part of M&G plc’s £65 billion ($87 billion) private and alternative assets business, has acquired a grade-A office building in London’s West End on behalf of an Asian separate account mandate.
M&G has made three acquisitions on behalf of this particular client strategy to invest in core-plus to value-add opportunities, recycling some of the proceeds from the recent profitable sale of Saffron House, which realized an increase of 22 percent in value within nine months.
The grade A office building, Ryder Court, is a five-story, 75,000-square-foot property located in St James’s and is currently leased to various tenants in the financial and hospitality industries.
M&G will invest additional capital to upgrade the reception area, introduce cycle storage and provide shower facilities.
“Opportunities to acquire prime assets such as Ryder Court in prestigious sub markets like St James’s are rare,” said Paul Crosbie, w