M&G Investments has provided a €168.3m to Asia Pacific Land and Arax Properties to fund the acquisition of a 55,900sqm Berlin office complex.
M&G said the five-year whole loan will fund the acquisition of City Campus located in Charlottenburg, northern Berlin.
The asset, which is Asia Pacific Land’s first investment in Europe, is currently 90% occupied.
John Barakat, head of real estate finance, M&G Investments, said: “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.
“Our ability to provide a whole loan financing solution has once again enabled us to deliver good relative value to our institutional clients seeking returns secured by European commercial real estate.”
