M&G Prudential Invests £875m In City Of London

M&G Prudential is investing £875m in 40 Leadenhall, in the City of London, where it will develop a new 905,000 sq ft prime office complex.

The site has been purchased from AIMCO and Nuveen Real Estate and has planning permission for the development of two towers, providing 14 and 34 storeys of predominantly office space.

Tony Brown, Global Head of M&G Real Estate, adds: “London’s commercial property market currently offers good value relative to other capital cities such as Paris and Tokyo, partly due to Brexit-related uncertainty.

“As there are a limited number of developments underway in London, we expect high-quality office space like this with an emphasis on green credentials and employee well-being to be in demand from occupiers when the scheme is completed in four years.”

Brexit uncertainty has indeed made London commercial investments attractive to investors and developers of late. But reading between the lines here, the fact that the project has a four year timescale could offer some clues as to when M&G anticipate the market might come bouncing back.

Source M&G
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