M&G Real Estate today announces two acquisitions on behalf of its recently launched UK property strategy for domestic and international institutional investors managed by Dermot Kiernan. The Renaissance office development, Dingwall Road, Croydon and 170 Priestley Road, Surrey Research Park, Guildford, were purchased for close to £50 million (approx. €58 million) in two separate transactions.
The Renaissance office development, purchased from developers Abstract Securities, provides 100,000 ft² (approx. 9,290 m²) of ‘Grade A’ office space and is one of the first speculative builds in the UK to target a BREEAM (2011) ‘Excellent’ standard. The Board of the Pension Protection Fund has recently contracted to pre-let approximately 40% of the building and there are strong levels of interest in the remaining space, which is competitively priced at rents from £22 per ft². Thanks to the excellent transport infrastructure and the significant investment planned for Croydon, it is fast re-emerging as a credible business location with occupiers and investors.
Abstract will continue to market the remaining space in the development. Colliers International represented M&G Real Estate. Knight Frank represented Abstract.
The Guildford purchase is a 60,000 ft² office building located on the Surrey Research Park. Recognized as the main commercial and administrative center in Surrey, Guildford is one of the strongest South East of England office centers and continues to attract major national and multi-national occupiers.
Source: M&G Real Estate