M&G’s redevelopment of £250 million West End office asset gets underway

Redevelopment of The Ribbon demonstrates continued appetite to invest in the future of central London’s Grade A office market

London 10 April 2024 –M&G Real Estate (M&G) today announces the redevelopment of The Ribbon - its 80,000 sq. ft West End office scheme on the corner of Oxford Street and Wells Street - marking a significant step in its commitment to deliver assets of scale in prime locations.

M&G secured approval for the development on behalf of the £126 billion Prudential With Profits Fund¹ and its 4.6 million policy holders, with a vision to create a state-of-the-art building, through its all-electric and net zero carbon design, capitalising on its excellent surrounding transport links. Wates has been appointed as the main contractor and CBRE as development managers with completion expected by the end of 2025.

It complements M&G’s £200m Tottenham Court Road development, 'The Fitzrovia', in partnership with Nomura, which reflects continued international appetite to invest in developing sustainable offices in London. In both of these deals, the combination of With Profits capital in addition to M&G Real Estate’s deep market expertise demonstrates the firm’s ability to deliver future proofed assets of scale.

The Ribbon’s position aligns seamlessly with the evolving needs of today’s office occupiers seeking quality spaces in desirable locations. The scheme comprises a large retail unit fronting Oxford Street on ground, basement and first floor levels, and new grade A offices above (2nd to 8th floors) with a large communal terrace on the 9th floor. Figures show that Grade A transactions accounted for 89% of space leased in the West End last year², while 66% of space acquired in the City last quarter has been in BREEAM-rated Excellent or Outstanding buildings³.

Designed by Orms architects, The Ribbon will blend modern design and with respect for the area’s rich heritage and a commitment to responsible development. The scheme will target NABERs 5*, WELL Platinum, BREEAM Outstanding and Smart Enabled certifications.

Aaron Pope, Head of Offices Asset Management at M&G Real Estate, said: “This major redevelopment reflects M&G’s commitment to deliver assets of scale in prime locations with exemplary ESG credentials. The Ribbon is already attracting strong interest from potential corporate occupiers whose decisions are strongly influenced by environmental and wellbeing factors, which will enable us to seek compelling risk adjusted returns for our clients.”

M&G Real Estate is part of M&G plc’s £73 billion Private Markets division.

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Media enquiries

George Greenstreet

Media Relations

+44 (0)7900 511020

george.greenstreet@mandg.co.uk

Notes to editors

¹ M&G as of June 2023
² Savills UK | West End Office Market Watch – December 2023
³ Savills UK | City Office Market Watch – December 2023

OpenAbout The Ribbon & sustainable credentials

100,702 sq ft (NIA) comprising office and retail development.
Investment of £133 million into redevelopment of The Ribbon
Targeting NABERs 5*, WELL Platinum, BREEAM Outstanding and Smart Enabled certifications.
The development has been deemed suitable for RESET core and shell certification.
Expanding the building’s amenity offer to include a wellness studio at Level 08 and improve the communal areas on both Level 01 and Level 09.

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 £332 billion of assets under management (as of 30 June 2023). M&G plc has around4.6 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://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 document 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. 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.
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M&G plcの直接子会社であるM&G Investments（M&Gインベストメント）のウェブサイトにアクセスするには、
こちらをクリックしてください。

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.

アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.（プルデンシャル・ファイナンシャルInc.）の関連会社をお探しの場合は、こちらをクリックしてください。

If you are looking for the affiliates of Prudential plc, an international group incorporated in England and Wales, click here to proceed.

イングランド及びウェールズで設立された国際グループ企業であるPrudential plc（プルデンシャル・ピーエルシー）の関連会社をお探しの場合は、こちらをクリックしてください。

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.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA（健全性監督機構）及びFCA（金融行為規制機構）に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited（プルデンシャル・アシュアランス・カンパニー・リミテッド）の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.（プルデンシャル・ファイナンシャルInc.）またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc（プルデンシャル・ピーエルシー）とは一切関係がありません。