M&G disposes of Aliffe House for £40m

M&G Real Estate has sold the City Fringe office building Aliffe House for around £40m to a Middle Eastern investor.

The institutional investor has disposed of the 61,000 sq ft property, located at 55 Mansell Street in Aldgate, on behalf of the M&G Property Portfolio retail fund.

The Middle Eastern buyer was represented by UK-based firm Walton International and the price reflected a yield of around 5.33%.

The building is let to NatWest Bank until January 2022 at a rent of £2.325m a year and is sub-let to IT company Sungard Availability Services.

M&G Property Portfolio, which is managed by Fiona Rowley and Justin Upton, bought the building in August 2014 for £36.7m.

Trading resumed

The retail fund was one of several to suspend trading in July last year following a rush of redemptions from investors in the aftermath of the EU referendum.

It resumed trading in November after recouping £718m from the sale of 58 properties.

GM Real Estate advised M&G

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