M&G Real Estate has acquired Bedfont Lakes Office Park from Aberdeen Asset Management for £167 mln (€232 mln), representing a net initial yield of 5.44%.
M&G Real Estate has acquired Bedfont Lakes Office Park from Aberdeen Asset Management for £167 mln (€232 mln), representing a net initial yield of 5.44%.
The transaction was made on behalf of the M&G Property Portfolio, managed by Fiona Rowley and deputy manager, Justin Upton of M&G Real Estate.
The 34,800 m2 office scheme is located less than two kilometres from Heathrow Airport and is let to tenants including BP International, Birds Eye Iglo, Targus Europe and Stratus Technologies Systems.
It is the latest acquisition by M&G in the Thames Valley office market, where the fund manager has recently bought Reading Bridge House for £35 mln and One Reading Central for £94.5 mln.
The region and sector are a core focus for institutional investment in the UK, the company said. 'Demand for core southeast offices remains high, particularly in west London and the Western Corridor. Rents in these areas currently stand between £30 and £50 per sq ft – and this is only set to grow with the introduction of Crossrail and quicker links into central London, providing our investors with long-term income-driven growth,' said Fiona Rowley of M&G.
M&G Real Estate was represented by Knight Frank. JLL acted for Aberdeen Asset Management.
