The acquisitions include: 3 Avenue Hoche in Paris, a 4,646 m2 office acquired for €48 mln; the NAO Building in Barcelona, an 8,331 m2 office acquired for €30 mln; Kalvebod Brygge 47 in Copenhagen, a 13,434 m2 office acquired for €82 mln; and Vimmelskaftet 30 in Copenhagen, a 1,831 m2 high street retail asset acquired for €29 mln. The office properties are fully let while the retail asset is home to Zara's new flagship store in Copenhagen.
Commenting on the deals, fund manager Simon Ellis said they were aligned with M&G's strategy to acquire prime assets in core locations across Europe. 'Investor appetite for prime offices and retail in these locations remains strong as rental growth continues, driving long-term income prospects. We have successfully raised significant capital in 2015 and 2016, and deployed it across several jurisdictions and asset classes, providing further diversification for our investors. With further capital to deploy, we will continue to target core locations in major European cities.'