M&G Real Estate has invested in the Luxembourg real estate market for the first time, buying the 12,412sqm Da Vinci office building for €71m.
M&G bought the multi-let office asset on behalf of its €2.2 billion pan-European growth strategy.
The five-floor building, situated in the airport district of Luxembourg, was sold by German fund manager Union Investment, which bought the building in 2007.
It includes a restaurant, gym and parking garage. Tenants include the State of Luxembourg, Lombard, Bain Capital, and governemnt agency Alsa.
David Jackson, fund manager at M&G Real Estate, said: “With office employment growth and GDP likely to be one of the strongest in Europe over the next five years in the city, Luxembourg is a strong financial centre and obvious investment choice as we continue to bolster our presence in continental Europe.”
M&G Real Estate’s European core property strategy has deployed around €700m of capital in the past 12 months, with acquisitions in Denmark, France, Germany, Italy and Portugal.
In May this year, M&G Real Estate paid €94.1m for an office building in Berlin.
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