M&G Real Estate has bought Aliffe House in Aldgate, E1, for £36.7m.
The purchase for its Property Portfolio Fund follows the acquisition of Parc Trostre Retail Park in Llanelli, Wales, for £156m, taking the value of the fund’s new investments in August to close to £200m.
The 61,000 sq ft Aliffe House is let to NatWest Bank for a further seven years. It was acquired from a private investor in a deal reflecting a net initial yield of just under 6%.
Fund manager Fiona Rowley said: “Aliffe House offers secure income and presents significant asset management opportunities in the short and medium term. This is particularly true given its position in the City, close to strong transport links and in an improving area. The income profile indicates that favourable and steady rental returns can be expected and, with significant regeneration under way nearby, the prospects for growth look attractive.”
GM Real Estate acted for M&G Real Estate; Capital Real Estate Partners represented the vendor.
chris.berkin@estatesgazette.com
