INDUSTRY NEWS

M&G purchase Heathrow office space for £167m

UK investors, M&G, have purchased new London office space near Heathrow for £167m in a move to offer more real estate options outside of central London.

The New Square Bedfont Lakes office park is comprised of seven buildings covering 374,661 sq. ft of real estate. The park was listed by Aberdeen Asset Management in March for £142.2m, and attracting more than £2bn in bids from global investors. The site brings in an annual rent of around £9.6m a year, and is home to companies such as IBM and BP.

JLL, director of capital markets, Mark Wilson, said, “It appealed to a wide spectrum of investors because it is not only a unique asset in terms of its prominence in west London, but also as it offers multi-modal connectivity with modern real estate on an amenity-rich park that possesses an abundance of asset management angles to drive both rental and capital performance.”

Property agent Knight Frank advised M&G on the sale, who said, “demand for core south east offices remains high, particularly in west London and the Western Corridor.” M&G are hoping that the ability to offer spacious offices outside of central London may counter recent concerns of rising demand and less supply.

By: Kirsty MacGregor

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