A core European property fund, managed by M&G Investments’ real estate arm, has acquired an office building in France for €126.5m.
M&G European Property Fund has bought the 23,820sqm Greenwalk office building in Suresnes, Paris, from a joint venture managed by AXA-IM Real Assets.
The asset is let to technology company Phillips and various insurance companies.
The acquisition represents the fund’s largest single French transaction to date.
Fund manager David Jackson, said: “This major acquisition further demonstrates our continued commitment to expanding our core continental European portfolio and follows the strategy of acquiring well-leased, high-quality assets in office sub-markets where we see strong relative rental growth potential.”
M&G Real Estate’s existing portfolio in France is made up of over 200sqm of assets across the office, logistics and retail sectors, collectively valued at around €432m.
The real estate’s European offices are located in Frankfurt, Madrid, Paris and Stockholm.