Real Estate has paid Aberdeen Asset Management 拢167m ($232.6m) for a regional UK business park.
The fund manager said it has bought Bedfont Lakes Office Park at a net 5.44% initial yield for the M&G Property Portfolio vehicle.
The 374,661 sqft office scheme, near Heathrow airport, is let to BP International, Birds Eye Iglo, Targus Europe and Stratus Technologies Systems.
The deal follows the 拢35m purchase of nearby Reading Bridge House and One Reading Central, a 220,000 sqft office scheme, for 拢94.5m.
Fiona Rowley, who manages the fund, said demand for core southeast offices is strong in west London and the 鈥榳estern corridor鈥� that extends out beyond the city.
鈥淩ents in these areas currently stand between 拢30 and 拢50 per sqft 鈥� and this is only set to grow with the introduction of Crossrail and quicker links into central London, providing our investors with long-term, income-driven growth,鈥� she said.
M&G Real Estate said the south east office market is set to experience strengthened rental growth, given the growing tenant demand and shortage of grade-A office parks.
