M&G looks to sell City block

M&G Real Estate has brought a City of London office block at 36 Queen Street, EC4, to market for £45m, as it looks to exit the asset at a discounted price. M&G has appointed JLL to lead a sales process involving between five and 10 parties. The 46,000 sq ft, seven-storey asset is being offered at a discount of nearly 20% on the price originally paid by M&G. The investor acquired the 1980s building for £55m from Hong Kong investor Lai Sun in 2018, reflecting a net initial yield of 4% and capital value of £1,180 per sq ft. The marketing coincides with the kickstarting of a number of sales in the area, including The Estate Office’s City office at 16-18 New Bridge Street, EC4, which is up for grabs for £18m, and J Safra Group’s 95 Queen Victoria Street, EC4, up for sale at £102.5m.