Two major office and retail deals involving the real estate arms of UK asset managers have been finalised.
The real estate division of London-based asset manager M&G has acquired a £94 million (€107 million) regeneration project in south-west Birmingham in its second joint venture with the West Yorkshire Pension Fund.
The Selly Oak Retail Park project will, on completion, provide 190,000 square feet of retail space along with improved highways and canal side upgrades in one of the most affluent suburbs of the UK’s second largest city.
The park is almost completely pre-let to national and international brands such as Sainsbury’s, Marks & Spencer, JD Sports, Superdrug and Nandos.
Meanwhile the real estate division of financial services firm Barings has provided an £83 million loan to support the freehold acquisition of a combined office and retail ten-floor building in the City of London.
The building, 55 Mark Lane, has been bought by the Hao Tian Asia Investment Company by means of a seven-year fixed-rate mortgage loan, with a loan-to-value of 65%.
The building, close to Fenchurch Street station, is fully let and occupied by eight office tenants.
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