Pramerica's local expertise plays out on global stage (UK)

Pramerica Real Estate Investors has announced that it has recently completed seven transactions across Europe and Latin America. The office and retail deals combined value of more than €200 million and clearly underline Pramerica's extensive global network of local experts. Pramerica is the European arm of the real estate investment and advisory business for the US-based Prudential Financial, Inc. (NYSE:PRU).

Pramerica completed the transactions on behalf of investors in its special funds managed by Munich-based TMW Pramerica Property Investment GmbH. One disposition, Campus Verrazzano in Lyon, France, falls under Pramerica's Management Mandate for IVG to provide core real estate assets, which offer institutional investors the potential for quality income and capital appreciation."

Acquisitions include:

  • Am Handelshof 2-9, a 28,243-m² retail park in Würzburg, Germany, anchored by two big box retailers, Media Markt and Hornbach.
  • Torre Acuario, a class-A, mixed-use building in Mexico City's Santa Fe district. The 30,000-m² office-retail property is the first acquisition for a TMW Pramerica special fund investing in Mexico. Tenants include Group Modelo, brewer of Corona Extra.
  • Raa Center, a 17,500-m² retail park in Helsingborg, Sweden. The investment is fully let to 10 tenants; with an average maturity of 10.6 years guaranteeing a sustainable cash flow.

All of the dispositions are European offices and include:

  • 11 Pilgrim Street, a 9,668 m² office building in the City of London, which has been sold at 25% above the acquisition price two years ago.
  • Karl-Wiechert-Allee, a 12,239-m² office building in Hannover, Germany. The former headquarters of VHV Versicherungen is now owned by publishing house Heise, which will move all of its staff to the new facilities during the summer of 2011.
  • Campus Verrazzano, a 5,522-m² office building in Lyon, France, was sold to investment boutique Sofidy.

"One thing that differentiates Pramerica", comments Eric Adler, CEO of Pramerica Europe, "is the breadth of knowledge of the local European markets that is a perfect complement for the deep knowledge in Latin America, the United States and Asia. The diversity of these particular deals is indicative of how this knowledge is paying off for investors."

Source: FD

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