MAPFRE and GLL Real Estate Mutual Fund invests 50 million euros in two prime office buildings in Par
The real estate co-investment vehicle set up by MAPFRE and GLL in 2018 to invest in prime office space in some of the key European markets has now successfully completed its first two operations.
The real estate fund has invested a total of 50 million euros in two buildings located in the cities of Paris and Hamburg. The Paris property, located at 4 Boulevard Montmartre, is a multi-purpose building featuring 2,000 square meters of office, retail and residential space located in the flourishing 9th arrondissement of the French capital, a district likely to see considerable growth over the coming 2-3 years.
Meanwhile, the Hamburg asset is an exclusive office building spanning 3,000 square meters on the island of Cremon, right in the beating heart of the city. It is a well-established office district, boasting an impressive range of services, facilities and connections.
Both investments mirror the fund’s strategy of diversifying across robust economies and markets and investing in quality buildings located in consolidated areas. This tactic will enable the fund to unlock value through the active management of its assets, while profiting from the buoyant market in both cities.
MAPFRE set up the fund in 2018 alongside real estate specialist GLL with the aim of investing up to 300 million euros in prime office space within the main markets of the euro area. The vehicle is managed by GLL, a company belonging to the Macquarie Group, where it handles real estate investments for institutional clients. The fund has also attracted other institutional investors, such as Grupo Catalana Occidente, Arquia Banca, Atocha Seguros and the Spanish National Association of Architects.
MAPFRE has already amassed an impressive real estate portfolio in Spain, notably the building at Plaza de la Independencia in Madrid and the MAPFRE Tower in Barcelona, as well as numerous emblematic properties in other countries, including the MAPFRE Tower on Paseo de la Reforma in Mexico City and One Winthrop Square in Boston.
For more information, please visit https://noticias.mapfre.com/
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