M&G Real Estate has announced the acquisition of a KRW264.5bn (€196m) office building in South Korea and a €60m residential development in the Netherlands.
The manager said it has bought M-Tower in Bundang on behalf of an Asian core-plus to value-add separate account mandate.
Hyesik Ryu, head of Korea at M&G Real Estate, said opportunities to source assets like M-Tower in key submarkets were scarce. “M-Tower is expected to be a rare Grade ‘A’ asset in Bundang/Pangyo that is able to meet tenants’ demand for modern, efficient and greener offices.”
TeckLeong Kee, fund manager, M&G Real Estate Asia, said the building, the fund’s second investment in Bundang/Pangyo, was acquired at an attractive price.
In a separate announcement, the manager said it has forward funded a 296-home residential development in The Hague in Binckhorst on behalf of the M&G European Property Fund.
David Jackson, manager of the M&G European Property Fund, said: “The housing market across Europe’s major cities remains in a state of imbalance and under constant supply pressure. The Netherlands is no exception.
“This is the fund’s second residential acquisition in this strategically important market for M&G and follows over €640m of residential deals in France, Italy, Finland and Germany, which together with this latest acquisition we expect to provide strong diversification and long term rental growth for our investors.”
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