M&G Real Estate has paid €175m ($194m) for a central Madrid office, its first deal in Spain, according to IP Real Estate.
The investment manager bought the building for its open-ended, core European strategy, which is backed by UK and European pension funds.
The purchase is the fifth for the fund since March, after acquisitions in Denmark, Italy, Germany and France, and taking capital deployed to €360m.
In May, for instance, M&G Real Estate, the real estate fund management arm of Prudential's M&G Investments, bought a retail park in Dreieich, Germany, for €51.9m as part of its core European property strategy (IAR, 29 May).
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