M&G Property Portfolio has acquired a commercial property development in Chiswick Green, West London from BAM Properties. The investment volume of £48 mln (EUR 59 mln) reflects a yield of 6.3%.
M&G Property Portfolio has acquired a commercial property development in Chiswick Green, West London from BAM Properties. The investment volume of £48 mln (EUR 59 mln) reflects a yield of 6.3%.
The development is a seven-storey, Grade A BREEAM Excellent building located on Chiswick High Road and benefits from the latest technology to reduce energy requirements and carbon emissions. Swedish telecoms giant Viasat Broadcasting occupies 82% of the building on a lease of 15 years.
'Chiswick Green is the latest successful example of our strategy of developing highly sustainable buildings in prime locations,' said Clwyd Roberts, development director of BAM Properties. 'We based our decision to re-enter the market in 2010 on a careful assessment that there would be demand for well-let, high quality investment stock and our judgement has proved correct.'
Cushman & Wakefield advised BAM Properties.
The M&G Property Portfolio is managed by Fiona Rowley and Justin Upton of Prupim, the real estate fund management arm of M&G Investments.
