M&G Real Estate takes pan-European growth strategy to Luxembourg

M&G Real Estate has invested in the Luxembourg real estate market for the first time, buying the 12,412sqm Da Vinci office building for €71m.

M&G bought the multi-let office asset on behalf of its €2.2 billion pan-European growth strategy.

The five-floor building, situated in the airport district of Luxembourg, was sold by German fund manager Union Investment, which bought the building in 2007.

It includes a restaurant, gym and parking garage. Tenants include the State of Luxembourg, Lombard, Bain Capital, and governemnt agency Alsa.

David Jackson, fund manager at M&G Real Estate, said: “With office employment growth and GDP likely to be one of the strongest in Europe over the next five years in the city, Luxembourg is a strong financial centre and obvious investment choice as we continue to bolster our presence in continental Europe.”

M&G Real Estate’s European core property strategy has deployed around €700m of capital in the past 12 months, with acquisitions in Denmark, France, Germany, Italy and Portugal.

In May this year, M&G Real Estate paid €94.1m for an office building in Berlin.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • DS-2339

    Closing date: 2017-07-24.

  • QN-2340

    Asset class: Small & Mid Cap Equity (Active).
    Asset region: Switzerland.
    Size: CHF 100 - 200m.
    Closing date: 2017-07-31.

  • QN-2341

    Asset class: Small & Mid Cap Equity (Passive).
    Asset region: Switzerland.
    Size: CHF 250 - 450m.
    Closing date: 2017-07-31.

Begin Your Search Now