M&G Real Estate has spent close to £50m on office buildings in Guildford and Croydon.
The firm has bought the 100,000 sq ft Renaissance development in Dingwall Road, Croydon, from Abstract Securities.
The Board of the Pension Protection Fund has prelet about 40% of the building, which is priced at rents from £22 per sq ft.
The Guildford purchase is a 60,000 sq ft office building located on the Surrey Research Park .
M&G made the South East purchases on behalf of its recently launched UK property strategy for domestic and international institutional investors managed by Dermot Kiernan.
Kiernan said: “The office market in the South East is an attractive proposition for institutional investors looking to benefit from the perceived recovery over the medium term. We are very pleased with these acquisitions, which reflect our strategy of investing in fundamentally strong, well-located and sustainable real estate.”
Knight Frank acted for Abstract; Strutt & Parker represented the Guildford vendor; GVA advised M&G on the Guildford deal, and Colliers Invernational advised on the Croydon buy.
joanna.bourke@estatesgazette.com
