M&G Real Estate has announced the acquisition of a KRW264.5bn (鈧�196m) office building in South Korea and a 鈧�60m residential development in the Netherlands.
The manager said it has bought M-Tower in Bundang on behalf of an Asian core-plus to value-add separate account mandate.
Hyesik Ryu, head of Korea at M&G Real Estate, said opportunities to source assets like M-Tower in key submarkets were scarce. 鈥淢-Tower is expected to be a rare Grade 鈥楢鈥� asset in Bundang/Pangyo that is able to meet tenants鈥� demand for modern, efficient and greener offices.鈥�
TeckLeong Kee, fund manager, M&G Real Estate Asia, said the building, the fund鈥檚 second investment in Bundang/Pangyo, was acquired at an attractive price.
In a separate announcement, the manager said it has forward funded a 296-home residential development in The Hague in Binckhorst on behalf of the M&G European Property Fund.
David Jackson, manager of the M&G European Property Fund, said: 鈥淭he housing market across Europe鈥檚 major cities remains in a state of imbalance and under constant supply pressure. The Netherlands is no exception.
鈥淭his is the fund鈥檚 second residential acquisition in this strategically important market for M&G and follows over 鈧�640m of residential deals in France, Italy, Finland and Germany, which together with this latest acquisition we expect to provide strong diversification and long term rental growth for our investors.鈥�
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