LuisenForum Wiesbaden
Luisenforum Wiesbaden
The company, the real estate fund management arm of M&G Investments which itself is part of Prudential Insurance, has bought the 35,000 sqm Luisenforum shopping centre and office asset in the pedestrian zone of central Wiesbaden for €140m.
British fund manager M&G Real Estate has invested €205m in two office buildings and a shopping centre in Germany on a recent shopping spree.
The company, the real estate fund management arm of M&G Investments which itself is part of Prudential Insurance, has bought the 35,000 sqm Luisenforum shopping centre and office asset in the pedestrian zone of central Wiesbaden for €140m.
The shopping centre with around 50 shops opened in 2008, and anchor tenants include Saturn, TK Maxx, dm, Rewe, Gant, and Gerry Weber, who generate rental income of around €7.7mn annually. The average remaining lease term is about six years. In addition to the 19,000 sqm retail space, the property offers about 12,200 sqm office space and 800 parking spaces.
David Jackson, fund manager at M&G Real Estate, said: “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.” He said core assets in prime locations in Germany continue to be of interest to M&G’s pan-European strategy.
A further €40m has been invested in the 12,012sqm Ridlerstrasse 55 office property in Munich. The asset is let to nine tenants.
In Frankfurt, the Mainzer Landstrsasse 61 property, a 6,246 sqm office asset in the central banking district, was bought for €20.75m from Curzon Advisers, the asset management platform of private equity group Kildare Partners. Tenants include the State Bank of India and corporate lawyers Rittershaus.
