Prupim, the UK real estate investment manager, has completed the purchase of the Kaiser Tengelmann Warehouse in Berlin for EUR 57mln on behalf of the M&G European Property Fund. Built in 2004, the single storey, Grade-A asset comprises over 35,000 m[sup]2[/sup] of logistics space and almost 4,000 m[sup]2[/sup] of office space. The property generates an annual rent of EUR 3.7mln, reflecting a net initial yield of 6.5%.
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