M&G Real Estate, one of the world’s largest property investors, has acquired a multi-let office asset in Luxembourg on behalf of its €2.2bn pan-European growth strategy.
It has purchased the 12.412 m² ‘Da Vinci’ office building for €71m from Union Investment, further demonstrating the business’s continued growth in Europe as it enters the Luxembourg market for the first time.
Da Vinci is an office building based in the established Airport district of Luxembourg, comprising five floors of office space, together with additional facilities including restaurant, gym and parking garage. Long term tenants include the State of Luxembourg, Lombard, Bain Capital and Alsa - a government agency which supports the Luxembourg Civil Aviation Authority.
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 last twelve months, with acquisitions made in Denmark, France, Germany, Italy and Portugal.
In May this year, M&G Real Estate invested €94.1m in the acquisition of an office building in Germany – ‘Badensche Strasse’ (Berlin).
