Prupim, the real estate investment management arm of M&G Investments, has sold 45 Grosvenor Road in St Albans. The property was sold to Threadneedle for GBP10.15m, reflecting a net initial yield of 8.75 per cent.

The property is let to The Secretary of State for Communities and Local Government for a further 5.5 years at a rent of GBP940,000 per annum.
 
Prupim was advised by Knight Frank and Threadneedle was advised by Finn & Co on the sale.
 
Prupim, part of the M&G Group, is one of the world’s largest 20 real estate fund managers, managing predominantly institutional investments for both third party clients and M&G/Prudential Plc.