M&G Real Estate has purchased Fleet Place House – a 92,000 sq ft (8,550 m2) office building in the City of London for £111.7 mln (€124 mln). The deal, which was made on behalf of an Asian separate account mandate, is the first direct acquisition in the UK as part of a broader strategy to invest in value-add opportunities.
M&G Real Estate plans to repurpose the 20-year-old building, located close to Thameslink, Crossrail and London Underground transport hubs, to create a sustainable, modern office environment with ESG credentials stretching years ahead. Plans include the provision of first-rate amenities to promote flexible working and staff wellbeing, including new changing room facilities, drying rooms, bicycle storage and e-bike/e-scooter spaces.
‘The last six months have accelerated many ongoing trends in the office sector, accentuating the importance of top quality, future-proofed workplaces to attract and retain talent, provide space for collaboration and define organisational culture,’ said TeckLeong Kee, Fund Manager, M&G Real Estate Asia. ‘We have significant capital to deploy and look forward to doing more deals of this nature in the UK and Europe to secure attractive, long-term returns for our investors.’
