Pricoa Property Private Equity Limited (PPPE), the European merchant banking arm of Prudential Real Estate Investors, has taken a stake in DeWAG, a Stuttgart-based residential property investment and consulting group for a client.
The investment is expected to be transferred to PPPE’s private equity fund, which closed in May 2001.
The transaction will help back the expansion of DeWAG, which was formed to take advantage of the increasing trend in home ownership in Germany. The company intends to increase its portfolio through acquiring properties from industrial corporations and institutional investors.
Jonathan Short, chief executive of PPPE, said: “PPPE’s strategy is to invest in operating entities which offer access to attractive asset portfolios, possess strong management and – where the potential exists – to increase significant incremental enterprise value.”
