M&G is lining up one of the largest office sales in Bracknell, Berkshire, for a decade.
The fund manager has appointed Cushman & Wakefield to sell the UK headquarters of 3M for £70m – a 7.5% yield.
The US multinational funded the construction of the 172,000 sq ft building itself before agreeing a 22-year sale-and-leaseback deal with Prestbury in 2001. M&G bought the building in 2005.
The building is on the Amen Corner business park, opposite Hewlett-Packard’s UK HQ.
C&W is expected to bring the building to market next month, touting its potential for further development given the low density of the site.
Bracknell is undergoing a major regeneration (pictured) led by Legal & General’s and Schroder UK Property Fund’s £200m town centre scheme, which will comprise almost 600,000 sq ft of retail and leisure space.
The regeneration has attracted several office investors to the area, including Cordea Savills, which last year bought the 70,000 sq ft Greenwood House, where it plans a major refurbishment.
