€600m M&G Real Estate fund acquires two residential properties in Germany and Portugal

M&G Real Estate has acquired two residential properties in Germany and Portugal on behalf of the €600 million ($631 million) M&G European Living Property Fund, launched in January.

The fund’s aims to invest in high-quality properties with strong sustainability standards in Europe’s most desired residential markets:

In central Berlin, standing residential building for €36.5 million ($38.4 million) in an off-market deal. Located at Park am Gleisdreieck and split across seven floors, the building offers 67 high-quality private rented apartments, 48 of which are available at open market rent. The property includes 19 fully leased subsidized apartments, providing more affordable housing in Germany’s second most expensive city. With vacancy rates under 1 percent in Berlin and planning permissions falling across the country, assets like this have become especially sought-after by investors.

In Lisbon, the fund acquired a purpose-built student accommod