M&G Real Estate has acquired two residential properties in Germany and Portugal on behalf of the €600 million M&G European Living Property Fund, launched in January this year with backing from Dutch pension fund manager MN.
The fund has bought a residential building in Park am Gleisdreieck in central Berlin for €36.5 million in an off-market deal.
The building has 67 private-rented apartments, 48 of which are available at open-market rent and 19 are subsidised apartments, which are fully let.
M&G also acquired a purpose-built student accommodation development in Lisbon for €34.7 million.
The scheme will offer 333 beds, split into 315 single studios and nine ‘twodios’, in the Olaias district near to the Instituto Superior Técnico Lisboa university.
Source: realassets.ipe.com on the 5th of October 2023