M&G Investments’ real estate fund management arm is funding the construction of a 15,060sqm prime office building in Germany.
M&G Real Estate will finance the office scheme known as Fürst & Friedrich at the junction of Fürstenwall and Friedrichstraße in Dusseldorf.
The deal was made on behalf of the M&G European Property Fund managed by David Jackson and Simon Ellis with an agreed purchase price of more than €100m.
The building is expected to be completed in 2019 and is being developed by Art-Invest Real Estate. It is already 33% let on a 15-year lease.
Jackson, said: “Germany is our largest market in Continental Europe in assets under management and this latest forward funding deal in Dusseldorf reflects our pan-European strategy to purchase prime assets in core locations.
“We continue to seek investments in office, retail and logistics with a particular focus on prime high street retail, food anchored retail, dominant shopping centres, and inner urban offices in major cities as well as modern logistics units in key transport hubs.”
The latest deal brings M&G’s total real estate investment in Germany across its European fund range to over €750m.
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