SINGAPORE (EDGEPROP) - Global real estate investment manager M&G Real Estate announced on Jan 26 that it has acquired a Grade-A office building in London’s West End for GBP132 million ($239.6 million) on behalf of an Asian separate account mandate.

Ryder Court was acquired through an off-market deal. The five-storey office, located in St James, encompasses some 75,000 sq ft and is currently multi-let to various tenants in the financial and hospitality industries.

M&G says it will invest additional capital to upgrade the reception area, introduce cycle storage and provide shower facilities.

M&G has made three acquisitions on behalf of the Asian separate account mandate, in line with the client’s strategy to invest in core plus to value-add opportunities.

Last December, M&G sold Saffron House, a Central London office building, for GBP95 million. The deal marked a 22% increase in value for Saffron House within nine months following its acquisition by M&G on behalf of the Asian client in March 2021.