Pramerica buys 'Galerie Neustädter Tor' in Gießen (DE)

Pramerica Real Estate Investors on behalf of one of their institutional funds has acquired the shopping center and office building 'Galerie Neustädter Tor' in Gießen. The asset has a size of approximately 33.000 m². The office building is not finished yet. Galerie Neustädter Tor was sold for over €100 mln by ROSCO Projektmanagement für Immobilienanlagen GmbH & Co. Liegenschaftsverwertung KG, Bad Hersfeld.

Galerie Neustädter Tor in Gießen.

A total of 85 tenants rented space in the center for example Media Markt, Müller Drogerie, tegut, Penny, Intersport, Bekleidungshaus Vockeroth, Kult, C & A, Happy Size, Roland, Reno, Fink Schuhe and Label Stores such as Mango, Hilfiger, Mexx, Bonita, Engbers, Gelco.

The center lies within the "Altstadtring" in Giessen in a central location with direct access to the city of Giessen and the pedestrian area. The center has the size of a whole block and is surrounded by four public roads with good connection to the public means of transportation. Busses and regional trains stop directly in front of the building and

with an area of over 1.050 car parking lots, the Galerie Neustädter Tor offers the biggest parking possibility in the inner city of Giessen.

Pramerica, comprised of fund management centers in Parsippany, N.J.; Atlanta, Ga.; Munich, London, Mexico City and Singapore, supported by a network of local offices throughout the world. Pramerica's specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. As of March 31, 2006, the company managed $30.6 billion of gross assets ($21.2 billion net) on behalf of more than 300 clients and is ranked among the largest real estate investment managers.
Pramerica Financial is a tradename used by Prudential Financial, Inc., a company incorporated and with its principal place of business in the United States, and its affiliates in select countries outside the United States.
Prudential Financial and its affiliates, with approximately $547 billion in total assets under management as of March 31, 2006, serve individual and institutional customers worldwide and include one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage franchises, relocation services and, through a joint venture, retail securities brokerage services. For more information, visit Prudential Financial is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

Source: Pramerica

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