M&G Real Estate’s Property Portfolio fund has bought the Toronto Square office scheme in Leeds from Highcross for £29m.
The deal represents a yield of 7%.
The 88,200 sq ft property in the city centre was built in 2010, and is multi-let to 14 tenants.
M&G Property Portfolio deputy fund manager Justin Upton said corporate occupiers were “becoming more demanding in their requirements”.
“The acquisition reflects the fund’s continued commitment to acquire high-quality, grade A offices in core UK cities,” he added.
Knight Frank represented M&G Real Estate. CBRE advised Highcross.
chris.berkin@estatesgazette.com
