M&G Real Estate has acquired Bankside 2 & 3 and the retail holdings of Bankside 1 in London's Southbank from UK REIT Land Securities for 拢315 mln (鈧�371 mln), representing an initial yield of 5.2%.
M&G Real Estate has acquired Bankside 2 & 3 and the retail holdings of Bankside 1 in London's Southbank from UK REIT Land Securities for 拢315 mln (鈧�371 mln), representing an initial yield of 5.2%.
Situated in the heart of Southbank next to the Tate Modern Gallery, Bankside 1, 2 & 3 comprise 380,000 sq ft (35,300 m2) of office accommodation let entirely to The Royal Bank of Scotland until 2027 and 73,000 sq ft of retail space let to several retailers, including Marks & Spencer, WH Smith, Pret a Manger and Starbucks.
The offices at Bankside 1 are excluded from the purchase.
'Bankside 1, 2 & 3 is another significant investment by M&G Real Estate, providing a strong mix of value and secure income in a location that continues to benefit from major repositioning of the South Bank within the London office hierarchy,' said Chris Perkins, head of business space at M&G Real Estate.
M&G's funds have invested over 拢1.1 bn across London and the South East and regions in 2013. 'We continue to have substantial capital sums available for direct and joint venture acquisitions into high quality property in all sectors across the UK,' he added.
M&G Real Estate was advised by Jones Lang LaSalle. Knight Frank acted on behalf of Land Securities.
