M&G Real Estate invest €205 million in two office buildings and a shopping centre in Germany
M&G Real Estate, the real estate fund management arm of M&G Investments, has invested €205 million in the acquisition of two office buildings and a shopping centre in Germany.
The acquisitions are:
-The Luisenforum Shopping Centre, Wiesbaden – a 34,320 sq m shopping centre and office complex acquired for more than €140 million, located on the prime pedestrianised pitch and with a good diversification of occupiers.
– Ridlerstraße 55, Munich – a recently modernised 12,012 sq m office acquired for €40 million, located in the well-established Westend district and let to nine tenants.
– Mainzer Landstrsaße 61, Frankfurt – a 6,246 sq m office acquired for €20.75 million, located in Frankfurt’s banking district with tenants including the State Bank of India, corporate lawyers Rittershaus and financial services company, FIB Management.
Commenting, David Jackson, Fund Manager at M&G Real Estate, says: “Key markets in Europe, and especially Germany, are now experiencing stronger tenant demand and take up, which is fuelling rental growth and currently helping to drive long term income returns. As such, core assets in prime locations in Germany continue to be of interest to our panEuropean strategy.”
In September 2016, M&G Real Estate and GWM Group signed a deal to acquire Market Central Da Vinci in Rome, the largest retail park in Italy, for €208 million. In August 2016, M&G Real Estate announced that it had invested another circa €190 million in European commercial property in Paris, Barcelona and Copenhagen. The European core property strategy has deployed over €1 billion of capital since March 2015, with acquisitions made in Italy, Spain, Denmark, Germany, Portugal and France.
Source: M&g Real Estate