M1 Real Estate acquires Times Place

  M1 Real Estate, a Monaco-based real estate investment and development company has acquired the freehold of Times Place at 45 Pall Mall, W1.   It is understood that the deal is valued at around £56.5m. Times Place this year will have an expected yield of more than 7.8%.”   Times Place, which covers a total area of 60,000 sq ft, was completed as a new development by City & West End Property Group in 1997.   M1 Real Estate chief executive office, Moustapha El-Solh, said: “Although the London real estate market, like many cities around the world, is currently seeing one of its worst downturns, we believe that making investments in prime assets with strong fundamentals is a sound long-term strategy.”   james.buckley@rbi.co.uk