Fri, 27/06/2014 - 14:10
M&G Real Estate has exchanged contracts with EY on 500,000 square feet of prime Manchester office space for a valuation in excess of GBP306 million.
The purchase of 1 Spinningfields Square was made on behalf of an internal client fund of M&G Real Estate, while 1 Hardman Boulevard was purchased on behalf of a third party client of M&G Investments.
The two Grade A offices are leased in their entirety to RBS for a further 23 years and are subject to annual fixed uplifts of three per cent. Ben Cairns, Craig Lewis and Alan Bloom of EY were appointed joint administrators of the asset owning companies in April 2014.
Steffan Francis, director of fund management, M&G Real Estate, says: “We are very pleased to have secured these prime investments on behalf of institutional clients. We continue to see strong demand for secure, long-term cash flows and have substantial sums of client capital to invest across a range of sectors.
“This deal is testament to the strength of our approach to investing in long lease property, which combines the expertise of our two business units in order to analyse both the real estate and fixed income/credit components.”
The joint administrators were advised by Ernst & Young Real Estate Corporate Finance, Savills and Freshfields Bruckhaus Deringer. M&G Real Estate was advised by Jones Lang LaSalle and Hogan Lovells.
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