A London office block bought for £78m earlier this year has changed hands again for £95m just nine months later.
M&G bought Saffron House, a recently refurbished block near Farringdon Station, EC1, in March, and has now sold the block to BlackRock.
The new value represents a 22% uplift between the two deals, with M&G having carried out no works on the site in the intervening months.
Instead, the investor said the profit indicated the strengthening of the London office market over the course of 2021.
Paul Crosbie, who leads M&G’s value-add real estate team, said: “This short hold period and completion of a sale within eight months of our ownership ratifies our conviction that central London was set for a continued investment recovery and the sale has subsequently delivered attractive risk adjusted returns to our client.”
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