As part of Redwood Consulting’s retained communications role, we have recently announced the acquisition of three assets in Germany by M&G Real Estate. These include the Luisenforum Shopping Centre in Wiesbaden, Ridlerstraße 55 in Munich and Mainzer Landstrsaße 61 in Frankfurt.
The Luisenforum Shopping Centre, a 34,320 sq m shopping centre and office complex acquired for more than €140 million and located on Wiesbaden’s prime pedestrianised pitch and with a good diversification of occupiers, was the largest acquisition of the three.
M&G Real Estate also acquired two further commercial assets; Ridlerstraße 55, a recently modernised 12,012 sq m office acquired for €40 million, and Mainzer Landstrsaße 61, a 6,246 sq m office acquired for €20.75 million. Ridlerstraße 55 is located in the well-established Westend district of Munich and let to nine tenants, while Mainzer Landstrsaße 61 sits in Frankfurt’s banking district with tenants including the State Bank of India, corporate lawyers Rittershaus and financial services company, FIB Management.
Commenting, David Jackson, Fund Manager at M&G Real Estate, says: “Key markets in Europe, and especially Germany, are now experiencing stronger tenant demand and take up, which is fuelling rental growth and driving long term income returns. As such, core assets in prime locations in Germany continue to be of interest to our pan-European strategy.”
The announcement, drafted and issued by the Redwood team, secured a range of coverage in key media, including target investment publications such as IPE Real Estate, Real Estate Investment Times and Property Investor Europe.
It has been a busy period for M&G Real Estate’s European strategy with other recent announcements including the company’s largest single continental European acquisition, an office scheme in central Stockholm for €230m (£196m) from NIAM, and the recent expansion into the Spanish and Portuguese markets with the opening of a new office in Madrid and the appointment of Federico Bros Tejedor as Director of Asset Management, Spain and Portugal.