MEAG, the asset manager of Munich Re Group, has launched a new core European office fund. The fund focuses on high-quality office properties in prime locations in Europe's top venues.
MAPFRE, the global Spanish insurance company, is partnering with Munich Re as seed investors for the fund, contributing to the initial asset portfolio with existing core properties they are holding in Spain and Germany, respectively.
Following the initial phase, the fund will purchase additional office properties across Europe to build a pan-European portfolio. MEAG is seeking to increase the fund volume to around €500 million ($534 million) by 2023. In 2024, the fund will be open for investments by other institutional investors from Germany and Europe, in an effort to grow the fund to €1 billion ($1.1 billion) by 2025.
“Over the past years, we have successfully grown our footprint in the institutional investor segment as the partner of choice, and we continue to do so,” sa
