PREI announced last week that it has completed the sale of Pricoa Property Investment Management Limited (PPIM) to the firm’s senior management team. PREI retains rights to the Pricoa brand name. PREI is the real estate investment and advisory business of Prudential Financial, Inc., based in Newark, N.J., USA (NYSE: PRU).
In Europe, PREI will continue to provide property-level investments through TMW Immobilien GmbH and higher-returning entity-level investments through Pricoa Property Private Equity Limited (PPPE). PREI acquired Munich-based TMW at year-end 2002, and its ongoing business will be conducted through regional offices in Paris, Milan, Madrid, Lisbon, Amsterdam, and Zurich. PPPE will maintain its London presence.
PREI Europe is headed by Georg von Werz, and employs more than 90 portfolio management and transactions professionals in eight countries.
“Going forward, we’ll continue to offer clients core, core-plus, and higher-returning strategies, with fund managers relying on local transaction teams to source real estate deals throughout Europe,” said Charles Lowrey, CEO of PREI. “We have several initiatives underway including new European products for our investors, in addition to giving clients access to opportunities around the world.”
Terms of the transaction were not disclosed.