M&G Property Portfolio has bought an office block in Aldgate, East London, for £36.7 mln (€46 mln), taking the fund's outlay this month to £200 mln.
M&G Property Portfolio has bought an office block in Aldgate, East London, for £36.7 mln (€46 mln), taking the fund's outlay this month to £200 mln.
The 6,700 m2 Aliffe House is let to National Westminster Bank for seven more years and generates a net initial yield of just under 6%.
According to fund manager Fiona Rowley, the site, 'offers secure income and presents significant asset management opportunities in the short and medium term. This is particularly true given its position in the City, close to strong transport links and in an improving area.'
The fund also bought Parc Trostre Retail Park in Llanelli for £156 mln earlier this month,
