Pramerica Real Estate Investors has recently completed seven transactions across Europe and Mexico.
The office and retail deals have a combined value of more than €200m ($177m) and include the sale of the 100,000 sq ft (9,290 m2) City office, 11 Pilgrim Street, for 25% above its purchase price two years ago.
Pramerica, which is the European arm of the real estate investment and advisory business of US-based Prudential Financial, completed the transactions on behalf of investors in its special funds managed by Munich-based TMW Pramerica Property Investment.
One sale, a 55,000 sq ft office, Campus Verrazzano, in Lyon, France, which was sold to investment boutique Sofidy, falls under Pramerica’s management mandate for IVG,
Acquisitions include:
• Am Handelshof 2-9, a 28,243 m2 (304,000 sq ft) 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; leases have an average maturity of 10.6 years, guaranteeing a sustainable cash flow.
Disposals include:
• 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 facility over the summer.
bridget.oconnell@estatesgazette.com
