• Latest acquisition brings core European strategy to over €1 billion
• Acquisitions since March total circa €360 million
LONDON, 27 July 2015 – M&G Real Estate, the real estate fund management arm of M&G Investments, has acquired a 35,000 sq m office property in the central business district of Madrid in a deal worth up to €175 million. The acquisition was made on behalf of the global real estate fund manager’s core European property strategy, managed by David Jackson and Simon Ellis.
The property is located on Calle Ríos Rosas, an established office location in central Madrid, and will be substantially refurbished to a very high standard with environmental accreditation. Upon completion of the refurbishment it will be occupied by WPP, the leading global marketing and communications group on a long term lease.
This is the fifth purchase on behalf of the European core property strategy since March, accounting for circa €360 million of capital deployed, with acquisitions also made in Denmark, Italy, Germany and France.
Commenting, Simon Ellis says: “This deal takes the strategy into a new jurisdiction, providing further diversification for our investors and increasing the number of countries in the portfolio to eight. Investor appetite remains strong for core assets of this nature. We have further capital to deploy and will continue to target core locations in major European cities.”
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