Pramerica Real Estate Investors has announced that it has further increased its investment into the European logistics warehouse market through the formation of a new Western European joint venture with Panattoni Europe, and the expansion of its existing Central and Eastern Europe joint venture with Panattoni. Pramerica Real Estate Investors is European arm of the U.S.-based Prudential Financial, Inc.'s real estate investment management and advisory business.
Pramerica has also increased the size of its existing Central and Eastern Europe logistics joint venture with Panattoni by a further 40 million, bringing the total investment capacity to 140 million. The venture has already closed three transactions since its inception in 2010, investing 33.4 million in three developments in Poland totalling 57,400 m² of class-A logistics space.
"The Western Europe JV allows us to build on the success we have already achieved in partnership with Panattoni in Central and Eastern Europe, particularly in light of its growing European presence and attractive conditions in certain markets," said Max Kreuter, Portfolio Manager, Pramerica Real Estate Investors.
"This venture gives our investors access to opportunities that provide the potential for strong returns, particularly in Germany and France."
Jean van Hecke, Managing Director for Panattoni Europe, said: "Pramerica has been an excellent joint venture partner, and has provided the financial backing and local market expertise for us to make the most of the significant demand for quality logistics warehousing that we are seeing across Europe."
"We have a proven track record in partnership with Pramerica," van Hecke continued, "and expect this to continue as we establish our new venture in Western Europe and build on our previous successes in Central and Eastern Europe."