M&G is in advanced talks to buy Aberdeen Asset Management’s Bedfont Lakes business park in Feltham, Hounslow, for £170m, a 6.4% yield.
The business park is one of the largest in west London and has been sold for a considerably higher price than the £142m for which it was put on the market.
The asset was brought to market just over a month ago and the speed of the sale reflects the appetite for investment opportunities in greater London and the South East.
There are eight buildings at the park, totalling 345,000 sq ft of office space. It is let off passing rents of around £25 per sq ft, which is substantially below the £32.50 per sq ft achieved at nearby offices. The park’s rent roll is £9.6m.
JLL acted for Aberdeen Asset Management. Knight Frank acted for M&G.
