Pramerica Real Estate Investors announced it acquired a majority interest in the Munich Siemens Campus in a joint venture with an institutional investor from a fund structure, managed by HIH Hamburgische Immobilien Handlung GmbH, and RFR Lux Holdings S.a.r.l. Pramerica Real Estate Investors is the real estate investment and advisory business of Prudential Financial, Inc., which is headquartered in the U.S.
The office and research campus, which is a 425,390 m²
site located in Neuperlach Sued in southeast Munich, comprises 371,671 m²
of rental space across 37 buildings, parking facilities and open land.
“Growing consumer confidence and the prospects for job growth are fueling improved occupier demand in Germany,” said Sebastiano Ferrante, head of Germany for Pramerica Real Estate Investors. “We believe Munich’s positive demographic development and strong economic prosperity present excellent prospects and that the Siemens Campus is well-positioned to capitalize on these trends to produce attractive long-term returns for our investor partner.”
Fully leased to Siemens AG, the campus is one of Siemens’s largest locations worldwide. The conveniently located campus has direct access to underground and railway services at the Neuperlach Sued station and is in close proximity to several major highways.
Source: Pramerica Real Estate Investors