MAPFRE has acquired a 5,195-square-meter (55,918-square-foot) office property in Luxembourg through a share deal that was executed through the SIEREF-GLL fund launched with its fund management partner GLL Real Estate Partners, a subsidiary of Macquarie Group.
MAPFRE will contribute 50 percent of the fund's capital, with the remaining balance coming from a group of six institutional investors, according to Market Screener.
The agreement was signed in 2018 with the goal to invest €300 million ($354 million) in premium office properties in the main euro zone office markets within two to three years. Since then, €150 million ($177 million) has been invested in buildings in Paris, Hamburg, Milan and Luxembourg.
Located in the heart of the city's financial district, the building is leased to law firm Clifford Chance. The majority — 82 percent — of the property consists of office space.
