M&G Real Estate acquires Guildford office park (UK)

M&G Real Estate has purchased London Square office park, Guildford, from IM Properties Ltd for approximately €54.5 million (£43 million).

London Square is set in 4.46 acres of landscaped surroundings and comprises 104.423 m² (124,310 ft²) of grade-A office accommodation in three buildings. It also has a 313-space car park and a nursery.

Guildford remains an attractive location for corporate occupiers with a mix of a strong economic base and social demographic. The asset is multi-let to seven tenants including HSBC Bank Plc, Charles Russell Speechly LLP and Baker Tilly.

Hugo Henkes, Director, Investment Management at M&G Real Estate, says: “This is an excellent opportunity to undertake an extensive refurbishment of two town center buildings while taking advantage of the shortage of grade-A accommodation and lack of development pipeline.”

Knight Frank acted for M&G Real Estate. IM Properties Ltd was represented by Jones Lang LaSalle.

Source: Property Funds World

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