Prupim, the real estate investment management arm of M&G Investments, has acquired 401 King Street in Hammersmith, West London from Henderson Global Investors for GBP9m, reflecting a net yield of 7.32 per cent.
The property was purchased on behalf of the M&G Pooled Pensions UK Property Fund, managed by Dermot Kiernan of Prupim.
Kiernan says: “This asset offers an attractive income return with good residual value and medium term asset management and redevelopment angles in a popular West London location. Most of the office is let until 2019 to Qantas Airways, where it is headquartered in the UK.”
Prupim was advised by Allsop and Henderson Global Investors was advised by Savills.