M&G European Property Fund looks to Sweden for latest acquisition
The M&G European Property Fund has completed the SEK224m (EUR25.6m) acquisition of a logistics facility from NCC Property Development at the Port of Gothenburg in Sweden.
The fund is managed by David Jackson and Rob Tidy of Prupim, the real estate fund management arm of M&G.
The 26,000 sq m property, has recently been constructed, and is fully pre let on a long-term lease to Amring (Amerikanska Ringdepoten AB). It will be eco-classified as ‘Very Good’, according to the BREEAM international environmental certification system.
Visited by more than 11,000 ships every year, the Port of Gothenburg is the largest port in Scandinavia and is considered Sweden’s best distribution location, offering routes to over 130 destinations around the world.
Tidy says: “We are very pleased to have acquired this high quality asset located in the number one logistics location in the Nordic region, which is fully aligned with current fund strategy targeting defensive income streams in the stronger Northern European economies.”
The M&G European Property Fund was advised by Jones Lang LaSalle.