M&G buys office asset in Spain
M&G Real Estate has acquired a 376,736-square-foot office property in Madrid’s CBD in a deal worth up to €175 million ($194.46 million); marking its first purchase in the market.
The acquisition was made on behalf of the global real estate fund manager’s core European property strategy, managed by David Jackson and Simon Ellis.
The property is located on Calle Ríos Rosas, an established office location in central Madrid, and will be substantially refurbished to a very high standard with environmental accreditation. Upon completion of the refurbishment, it will be occupied by WPP, a leading global marketing communications group, on a long-term lease.
This is the fifth purchase on behalf of the European core property strategy since March, accounting for approximately €360 million ($400 million) of capital deployed, with acquisitions also made in Denmark, Italy, Germany and France.