M&G invests €205m in Germany
M&G Real Estate, the real estate fund management arm of M&G Investments, has invested €205 million ($219 million) in the acquisition of two office buildings and a shopping center in Germany.
The retail property was the 369,417-square-foot Luisenforum Shopping Center in Wiesbaden, a city in central western Germany and the capital of the federal state of Hesse. The sales price was €140 million ($150 million).
In Munich, M&G Real Estate acquired Ridlerstrasse 55, an office property totaling 129,296 square feet, for €40 million ($43 million). It is leased to nine tenants. And in Frankfurt, the firm purchased the office property located at Mainzer Landstrsasse 61 for €20.75 ($22.15 million). It totals 67,231 square feet, and tenants include the State Bank of India, corporate law firm Rittershaus and financial services company FIB Management.
“Key markets in Europe, and especially Germany, are now experiencing stronger tenant demand and take-up,