Exceptional green credentials draw Ryden to take space at M&G’s flagship offices in Aberdeen

London, 2 March 2023 – M&G Real Estate – part of M&G plc’s £76.7 billion private and alternative assets division – has let 2,680 sq ft of Grade A office space at its 70,000 sq ft office scheme in central Aberdeen. Scottish commercial real estate consultancy, Ryden has signed for a 10-year lease at The Capitol Theatre - the iconic former Oscars Theatre Bar - as its new city centre flagship office.

Funded by M&G Real Estate, the former theatre hall was comprehensively refurbished and extended in 2016 by Knight Real Estate and was subsequently recognised as City Regeneration Project of the Year in 2018 by the Scottish Property Awards celebrating the positive impact on the city. It also won the British Council of Offices best commercial workspace in Scotland award in 2017.

The listed façade and 1920s entrance halls were retained and incorporated into the new building, which has been awarded a BREEAM ‘Very Good’ rating for its exceptional green credentials. These include an automatic building management system for energy efficiency control and the provision of internal bike racks and changing facilities to encourage green commuting. Ryden will join existing tenants Price Waterhouse Cooper and serviced office experts, Orega, who have taken space since the refurbishment.

M&G Real Estate and asset management partners, Eden PAM, will now refurbish the remaining vacant space to increase amenities including more EV charging stations, a break-out zone and a wellbeing staircase hosting a gallery of art celebrating the global artists who have played The Capitol, such as The Who and The Rolling Stones.

The Capitol is one of several office and mixed-use assets owned by M&G Real Estate in Scotland. The new, planned investment for this asset follows a busy 2022 at M&G’s £350 million Edinburgh Haymarket development where it achieved 100 per cent pre-let of its 390,000 sq ft of office space including leases with several blue-chip occupiers including Deloitte, Shoosmiths and Dentons.

John Duxbury, Head of UK Portfolio Asset Management at M&G Real Estate, says: “This award- winning redevelopment has allowed us to create much-needed Grade A, sustainability-led office space in Aberdeen. This continues our strategy of developing assets of scale in prime locations where we are able to enhance the built environment by delivering buildings with best-in-class ESG credentials.

“We are currently focused on this approach at some of our other major developments including 40 Leadenhall in the City of London and Haymarket in Edinburgh. These assets are attracting strong interest from leading occupiers such as Ryden, whose decisions are strongly influenced by sustainability and wellbeing issues, enabling us the potential to deliver compelling returns for our investors.”

Arron Finnie, Regional Managing Partner in Aberdeen for Ryden, adds: “We are absolutely delighted to be moving into the centre of Aberdeen where our staff can benefit from all the amenities available on Union Street and the surrounding area. The move also allows us to follow our aspirations to be a sustainable business and move towards net zero carbon usage. The Capitol is a highly energy efficient building and we will be seeking to benefit from the many sustainable features it offers as well as placing greater emphasis on encouraging staff to use public transport to travel to and from the workplace or to use EV charging facilities on site. We are very excited to be occupying the former Oscars Theatre Bar which offers a unique working environment for our staff and visitors and helps to reinforce the historic connection which Ryden has with Aberdeen.”

Paul Coulter, Managing Director at Eden PAM, says: “The Capitol is not only one of the best office buildings in the city, but also an integral part of the city’s heritage and a landmark on Union Street. Aberdeen is seeing a huge shift in working patterns as occupiers seek smaller spaces, but far more energy efficient buildings in the city centre. Low Grade A supply and high demand is leading to more long-term rejuvenation across Aberdeen to cater for the growing number of businesses re-embracing the benefits of city centre working.”

Download a PDF of the release

Media enquiries

Rebecca Grundy

Media Relations

+44 (0)782 782 0428

Rebecca.grundy@mandg.com

Notes to editors

OpenAbout M&G Investments

M&G Investments is part of M&G plc, a savings and investment business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly owned international investment manager. M&G plc listed as an independent company on the London Stock Exchange in October 2019 and has £348.9 billion of assets under management (as at 30 June 2022). M&G plc has over 5 million customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.

For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate.

M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and is a member of the Climate Bonds Initiative Partners Programme.

M&G plc has committed to achieve net zero carbon emissions on its total book of assets under management and administration by 2050 and committed to reduce operational carbon emissions as a corporate entity to net zero by 2030.

For more information, please visit: https://global.mandg.com/

This press release reflects the authors’ present opinions reflecting current market conditions; are subject to change without notice; and involve a number of assumptions which may not prove valid. It has been written for informational purposes only and should not be considered as investment advice or as a recommendation of any particular security, strategy or investment product. Past performance is not a guide to future performance.

The services and products herein are available only to investment professionals and are not available to individual investors, who should not rely on this communication. Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents.

This financial promotion is issued by M&G Investment Management Limited (unless stated otherwise), registered in England and Wales under number 936683, registered office 10 Fenchurch Avenue, London EC3M 5AG. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. For the purposes of AIFMD, M&G Luxembourg S.A acts as Alternative Investment Fund Manager of any fund(s) cited in this document. The registered office of M&G Luxembourg S.A is 16, Boulevard Royal, L-2449, Luxembourg. M&G Real Estate Limited is registered in England and Wales under number 3852763 and is not authorised or regulated by the Financial Conduct Authority. M&G Real Estate Limited forms part of the M&G Group of companies.

	You are about to enter the website of M&G Investments, a direct subsidiary of M&G plc. Click here to proceed.
	If you are looking for the affiliates of Prudential Financial, Inc., whose principal place of business is in the United States of America, click here to proceed.
	If you are looking for the affiliates of Prudential plc, an international group incorporated in England and Wales, click here to proceed.
M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.