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Laxman Pai, Opalesque Asia:

M&G, an investment manager headquartered in the City of London, has raised €578m ($620m ) for a new European property fund, aiming to build off the firm's GBP 1.3bn UK residential property investment strategy.

The M&G European Living Property fund invests in student, private rented sector, and retirement housing, and aims to provide investors with index-linked rental income, house price exposure, and geographical diversification.

The fund's UK counterpart has provided about 3,500 rental homes to date, said a press release from the subsidiary of the GBP 76.7 billion private & alternative assets business.

The fund launches with a €400 million investment from Dutch asset manager MN and €178 million from the GBP 133 billion Prudential With Profits Fund.

M&G European Living Property has already acquired €75 million of assets in Finland, buying 124 apartments in central Helsinki. The firm said these apartments are located in the first Finnish building to receive the highest green building certification and represent the assets this strategy will target.

Jack Daniels, Chief Investment Officer at M&G plc, said: "By investing in purpose-built living accommodation, we can provide more homes that meet the needs of today's renters while supporting wellbeing, sustainability, and communities."

"Expanding the reach of our residential capabilities into continental Europe is a natural progression, building on ......................

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