M&G Investments鈥� 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 F眉rst & Friedrich at the junction of F眉rstenwall and Friedrichstra脽e 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 鈧�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: 鈥淕ermany 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.
鈥淲e 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.鈥�
The latest deal brings M&G鈥檚 total real estate investment in Germany across its European fund range to over 鈧�750m.
