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Audience

Our latest acquisitions

In 2014-5, M&G Real Estate completed over £8bn of transactions across UK, European and Asian funds, marking one of the most active deal-making periods in our 150-year history. Some of our latest acquisitions are detailed below.

We are actively seeking new properties in which to invest in across the world. Review our UK requirement list and our European and Asian requirements list to find out what types of assets we are currently looking for. This list is updated monthly. Please read our Terms & Conditions for important information in relation to all property introductions.

Three Snowhill, Birmingham, UK – c£200m

Three SnowhillThe forward funding of c£200m Three Snowhill is the latest in a series of “build-to-core” investments for M&G Real Estate – the funding of new, grade A buildings in prime locations to create new core income streams and generate higher returns than may be on offer from existing assets. It also enables us to play a key part in urban regeneration. The 420,000 sq ft Three Snowhill development will be the largest ever speculative city centre office scheme built in the UK outside London.

Sonae food stores portfolio, Portugal – €164m

Sonae food storesThe €164m acquisition features the ground leases on 12 supermarkets, leased back on a 20 year term to Portugal’s dominant food store operator, Sonae. This investment marks M&G Real Estate’s debut in Portugal and increases our allocation to the strong and defensive European food store sector, at a significant yield premium versus “core” Northern Europe.

David Lloyd portfolio, UK - £350m

David LloydThe c.£350 million sale-and-leaseback investment into the ground leases of 44 David Lloyd health and racket clubs across the UK secured a rare, ultra-long 125-year income stream for our investors.

Lotte Shopping portfolio, South Korea - $230m

South KoreaThe $230 million off-market acquisition of two hypermarkets and one outlet shopping centre has added the South Korean retail sector to our Asia Pacific portfolio with an initial yield of 6.5% on purchase price. The assets are leased to South Korea’s largest retailer, Lotte Shopping, for seven years and are well-located in the major regional cities of DaeJeon, Jeju and Incheon.

Bridgend Designer Outlet Centre, Bridgend, UK - £115.5m

Jaeger-LacosteThis £115.5m acquisition reflects a net initial yield of 5.75%, with future return prospects supported by a growing local population and significant levels of investment into the region. The 244,080 sq ft designer outlet centre is multi-let to a leading line up of over 90 designer, premium and high street brands. Operated by McArthurGlen, Bridgend achieved an annual footfall of 3.8 million last year, benefitting from its location in the most densely populated area in South Wales – just two miles north of Bridgend town centre, mid-way between Cardiff and Swansea on the M4 motorway.

Bloomberg Place, London, UK - £92.5m

Bloomberg PlaceThis £92.5 million acquisition featured the freehold ground lease on Bloomberg Place, a site which is set to house the company’s new European headquarters alongside other offices and a museum. The landmark 750,000 sq ft development in the heart of the City of London is expected to complete later in 2016.

Calle Rios Rosas, Madrid, Spain - €175m

MadridThe first investment in Spain for our European strategy, this off-market transaction features the forward funding of a 35,000 sq m office building in central Madrid in a deal worth up to €175 million. The property is located on Calle Ríos Rosas, an established office location in central Madrid, and will be substantially refurbished to a very high standard with environmental accreditation. Upon completion of the refurbishment it will be occupied by WPP, the leading global marketing and communications group on a long term lease.

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Bath Riverside, Bath, UK - £25m

BathA £25 million forward purchase agreement for the development of 97 new private rental homes in Bath, South West England, in partnership with Crest Nicholson, a leading developer of sustainable communities. The transaction is intended to form part of a longer-term relationship, which could lead to the provision of a further 2,000 homes across the UK. (Photo courtesy of Crest Nicholson.)

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Via Torino, Milan, Italy - €75m

Via Torino, Milan The forward purchase of a 3,745 sqm prime retail property on Via Torino in central Milan marks M&G Real Estate’s first acquisition in Italy in a decade. Expected to open for business later this spring, it will become one of the largest and most prominent retail units in the city.

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Fruit & Wool Exchange, London, UK – c.£350m development

Gala Bingo Acquisition of the historic Fruit & Wool Exchange building in the City of London, with plans for major investment into the redevelopment of the site. The completed scheme will deliver 320,000 sq ft of prime office and retail space, while maintaining the historic façade from the original 1929 building. This is the latest in a series of development-focused projects in major city-centre locations for M&G Real Estate – an iconic purchase, which represents a great opportunity to generate strong returns for our investors.

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Gala Bingo portfolio, UK - £173m

Gala Bingo A £173.4m acquisition of 52 Gala Bingo clubs. The buildings are spread out across the UK from Aberdeen to Weymouth and are leased back to Gala Leisure Limited, the leading operator of bingo clubs in the UK, for 25 years with annual inflation linked rent reviews.

The deal represents over 40 percent of Gala’s 127 clubs in the UK, with 36 of the sites being freehold and the remaining 16 leasehold. The majority of the clubs are purpose built or modern flat floor conversions and 12 are “heritage clubs”, which are usually converted town halls or cinemas.

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