16 February 2017
London
Reporter: Theo Andrew

M&G invests €205 million in Germany


M&G Real Estate has acquired a shopping centre and two office buildings in Germany, for a combined total of €205 million.

The Luisenforum Shopping Centre in Wiesbaden, which has been acquired for more than €140 million, is a 34,320 square metre shopping centre and office complex.

According to M&G, the property is located in a prime pedestrian area, and houses a diverse range of tenants.

The two office properties, Ridlerstraße 55 in Munich, and the Mainzer Landstrsaße 61 in Frankfurt, were acquired for €40 million and €20.75 million respectively.

The former, located in the well-established Westend district of Munich, is a 12,012-square metre, recently-modernised office let to nine tenants.

The latter, a 6,246-square metre office located in Frankfurt’s banking district, has tenants including the State Bank of India, corporate lawyers Ritterhaus and financial services company FIB Management.

M&G RE has invested €1 billion of capital in its core European strategy since March 2015, including the acquisition of the largest retail park in Italy for €208 million and a further €190 million invested in commercial property in Paris, Barcelona and Copenhagen.

David Jackson, fund manager at M&G Real Estate, said: “Key markets in Europe, and especially Germany, are now experiencing stronger tenant demand and take-up, which is fuelling rental growth and driving long term income returns. As such, core assets in prime locations in Germany continue to be of interest to our pan-European strategy.”

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