M&G Real Estate, the real estate fund management arm of M&G Investments, has acquired a 35,000 m² office property in the central business district of Madrid in a deal worth up to €175 mln. The acquisition was made on behalf of the global real estate fund manager’s core European property strategy, managed by David Jackson and Simon Ellis.
The property is located on Calle Ríos Rosas, an established office location in central Madrid, and will be substantially refurbished to a very high standard with environmental accreditation. Upon completion of the refurbishment it will be occupied by WPP, the leading global marketing communications group on a long term lease.
This is the fifth purchase on behalf of the European core property strategy since March, accounting for circa €360 mln of capital deployed, with acquisitions also made in Denmark, Italy, Germany, and France.
Source: M&G Real Estate