10 July 2017
Luxembourg
Reporter: Theo Andrew
M&G RE enters Luxembourg with £71 million office purchase
M&G Real Estate has acquired an office building in Luxembourg from Union Investment, for £71 million.

The acquisition marks M&G’s first purchase in the country. Bought in-line with its €2.2 billion pan-European growth strategy, the 12,412-square metre ‘Di Vinci’ building sits in Luxembourg’s airport district.

The five-storey building currently has long-term tenants including the State of Luxembourg, Bain Capital and Alsa.

Constructed in 2004, the property has a gym and car parking, and holds a Building Research Establishment Environmental Assessment rating of ‘very good’.

M&G’s core property fund has deployed about €700 million in the past year with acquisitions made in Denmark, France, Germany, Italy and Portugal.

David Jackson, fund manager at M&G RE, said: “With office employment growth and gross domestic product likely to be one of the strongest in Europe over the next five years in the city, Luxembourg is a strong financial centre and obvious investment choice as we continue to bolster our presence in continental Europe.”

Union Investment was advised by JLL, PwC and Allen & Overy.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Walkie Talkie deal is UK's biggest, over
27 July 2017 | London | Reporter: Mark Dugdale
Hong Kong conglomerate LKK Health Products Group has bought 20 Fenchurch Street for £1.23 billion, the largest ever UK single-property deal
CPPIB invests £250 million intu properties
27 July 2017 | Manchester | Reporter: Theo Andrew
The junior security will help facilitate the asset manager’s corporate business plan, and is supported by intu’s ownership of the 1.9 million-square foot Trafford Centre in Manchester
Nelson Mullins adds real estate attorney Sue Davis to Boston office
27 July 2017 | Boston | Reporter: Theo Andrew
Prior to joining Nelson Mullins & Scarborough, Davis spent 12 years at Riemer & Braunstein, most recently as partner
Allianz finances Liffey Valley for German pension fund
27 July 2017 | Dublin | Reporter: Theo Andrew
The seven-year fixed-rate loan was made on behalf of several Allianz entities at an “attractive all-in rate and a conservative loan-to-value ratio”
Dillon Eustace names head of real estate
26 July 2017 | Dublin | Reporter: Theo Andrew
O’Hara is the second real estate partner appointment at Dillon Eustace in four months, after Martin Colman joined the firm in March
UBS AM strengthens ties in Madrid
26 July 2017 | Madrid | Reporter: Theo Andrew
UBS Asset Management’s Real Estate and Private Markets business has acquired an office building in Madrid for €38.5 million
Universities Superannuation Scheme invests in UK water
26 July 2017 | London | Reporter: Mark Dugdale
The Universities Superannuation Scheme has secured a 10.94 percent stake in Thames Water, the UK’s largest regulated water utility company