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Sign in Sign up for a FREE subscriptionM&G Investments finances purchase of Berlin office campus
M&G Investments has provided a joint venture between Asia Pacific Land and Arax Properties with a loan of €168.3 million ($183 million) with a term of five years to finance the acquisition of the City Campus, an office complex in Charlottenburg in the north of Berlin.
The 55,900-square-meter (600,000-square-foot) property, which is Asia Pacific Land's first investment in Europe, is currently 90 percent let.
John Barakat, head of real estate finance, M&G Investments, said, “M&G is pleased to support Asia Pacific Land’s first investment in the European CRE market. The Berlin office market has an extremely low vacancy rate, which, coupled with the strong income profile of the asset, made this an attractive investment proposition for M&G.”