DGAP-Media: Pramerica sells its interest in PCCW-Tower in Hong Kong
(firmenpresse) - Pramerica Real Estate International AG / Key word(s): Finance
29.09.2010 12:34
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LONDON- Pramerica Real Estate Investors announced today the sale of its 80
percent shareholding in PCCW Tower in Hong Kong. The company was acting on
behalf of institutional investors in a fund advised by its Munich-based
arm, Pramerica Real Estate International AG. The company is the real estate
investment management and advisory business of Prudential Financial Inc.,
(NYSE: PRU), which is headquartered in the United States.
Terms of the sale were not disclosed.
The property, completed in 1994 as part of a twin tower development, is in
the centre of Taikoo Place of Hong Kong, one of the territory's best
planned and well-serviced business districts. The 41-floor 620,148 sqft
building is laid out over a four-level podium with a four-level basement
parking garage. Pramerica acquired the property in August 2005 for
investors in its core plus Asian real estate strategy.
'Given the highly volatile nature of the real estate market in Hong Kong,
and the significant size of this investment, this was the right time to
take advantage of the return of investor and banker confidence in the Asian
market, which has recovered materially since the financial turmoil began.'
Portfolio Manager Martin Stoss explains. 'Renewed investor confidence has
been fueled, in part, by robust retail sales in Hong Kong, which rose by
nearly 20 percent year-on-year to May 2010, underlining the strength of the
overall economy in the area. That shift in confidence, combined with an
improving market, gave us an opportunity to earn double-digit returns for
our clients.'
About Pramerica Real Estate Investors
Pramerica Real Estate Investors is a leader in the global real estate
investment management business, offering a broad range of investment
vehicles that invest in private and public market opportunities in the
United States, Europe, Asia, and Latin America. Headquartered in
Parsippany, N.J., Pramerica has offices in Atlanta, Chicago, New York, San
Francisco, Miami, London, Lisbon, Madrid, Munich, Paris, Luxembourg,
Istanbul, Singapore, Mexico City, Rio de Janeiro, Hong Kong and Tokyo as
well as two representations in Milan and Zurich. As of June 30, 2010, the
company managed about $43.1 billion in gross real estate assets ($23.4
billion net) on behalf of more than 490 clients worldwide and ranks among
the largest real estate investment managers. For more information, please
visit http://www.pramericarei.com.
About Pramerica
Pramerica is a tradename used by Prudential Financial, Inc., a company
incorporated and with its principal place of business in the United States,
and its affiliates in select countries outside the United States. PFI
(NYSE: PRU), a financial services leader with approximately $690 billion of
assets under management as of June 30, 2010, has operations in the United
States, Asia, Europe, and Latin America. Leveraging its heritage of life
insurance and asset management expertise, PFI is focused on helping
strength, stability, expertise and innovation that has stood the test of
time. PFI's businesses offer a variety of products and services, including
life insurance, annuities, retirement-related services, mutual funds,
investment management, and real estate services. For more information,
please visit http://www.news.prudential.com. PFI of the United States is
not affiliated in any manner with Prudential plc, a company incorporated in
the United Kingdom.
29.09.2010 12:34 Dissemination of a Press Release, transmitted by DGAP -
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Language: English
Company: Pramerica Real Estate International AG
Wittelsbacherplatz 1
80333 München
Deutschland
Internet: www.pramerica.eu
End of Announcement DGAP-Media
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Datum: 29.09.2010 - 12:34 Uhr
Sprache: Deutsch
News-ID 32275
Anzahl Zeichen: 0
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Kategorie:
Business News
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