Midos closes in on M&G’s One Portland Street

The London-based investor is looking to add to its Greater Manchester holdings having acquired Trinity Bridge House in Salford last year.

Midos has exchanged contracts with M&G for One Portland Street, a 60,000 sq ft office building in Manchester city centre.

M&G appointed CBRE to find a buyer for the asset last year. The investor was seeking offers in excess of £9.5m.

The agreed sale price has not been disclosed.

One Portland Street, which is 60% let, is billed as a value-add opportunity.

It is home to the Hungarian Embassy, Portuguese Consulate, and ADP Architecture and has a weighted average unexpired lease term of 3.4 years. The ground floor retail space is let to Costa Coffee, Players, and Tesco.

M&G bought the building from LGIM in 2017, paying above the £20m guide price.

It is understood that Midos had been under offer on the building for some time and that contracts only recently exchanged. Completion is scheduled for the end of May.

Elsewhere on Portland Street, Aviva Investors’ bid to offload number 11 for £35m has floundered. The investor saw two deals fall through and the building has now been withdrawn from the market, according to market sources.