M&G Real Estate is set to sell the Renaissance office block in Croydon, Greater London, to Royal London Asset Management for £59m.
M&G bought the development on Dingwall Road next to East Croydon Station in July 2013 for £33m.
Abstract Securitie bought the site out of receivership in November 2011 and decided to push on with an 102,275 sq ft speculative development.
Subsequently the Board of the Pension Protection Fund prelet approximately 40% of the building, Mott MacDonald took 20,997 sq ft, comprising the entire fourth floor, and Solium took 10,400 sq ft in the building.
Knight Frank is advising M&G and Savills is advising RLAM.
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