MDDUS snaps up £30m London property
The Medical Dental Defence Union of Scotland (MDDUS) has bought a £30m property in the City of London as it continues to expand its property portfolio.
The 26,115 sq ft office building at 50 Cannon Street was bought for £29.625m from Ferreiro Properties S.L.
In addition, MDDUS has completed a major refurbishment and re-letting of the building housing its London offices, 1 Pemberton Row, to increase rental income.
MDDUS CEO Chris Kenny said: “These changes enable us to diversify our assets, secure significant capital growth and generate extra income, so ensuring that we provide members with the best value in their subscription. Our separate property company [MDDUS Property Ltd], which now has specific sector experience on its board, ensures that we manage our four-building portfolio in the most professional way.”
Last year MDDUS purchased Grade-II listed Hend House in the West End for £21.35m and Bracton House in Midtown for £20.87m.