DGAP-Media: TMW Pramerica Property Investment GmbH: TMW Immobilien Weltfonds sells office block in Toronto far above fair market value
(firmenpresse) - DGAP-Media: TMW Pramerica Property Investment GmbH / Key word(s):
Finance/
TMW Pramerica Property Investment GmbH: TMW Immobilien Weltfonds sells
office block in Toronto far above fair market value
26.01.2011 / 17:48
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Munich, January 26, 2011 - Management of TMW Immobilien Weltfonds has sold
another property from the funds' portfolio in order to generate liquidity.
The Sales Price of 103 bn. CAD is approximately 14 bn. CAD, 16 % higher
than the latest fair market value. The Buyer of the office block, Dundas
Edwards Center in Toronto, is a Canadan REIT.
With this property which was bought in 2006, Pramerica Real Estate
Investors achieved an appreciation value of more than 37 %. 'This
remarkable increase in value was, among other things, achieved by a rise in
rental income of more than 12 % during the last four years', stated
Sebastian Lohmer, who is the responsible General Manager for the
Portfoliomanagement of TMW Pramerica Property Investment GmbH. 'For our
investors this investment achieved a net return of about 22 % in IRR, which
is a very decent result in today's market environment.'
The Dundas Edwards Center offers almost 40,000 sqm floor space and 508
parking spaces. The modern 'Class B'-Office complex consists of a building
constructed in 1964, comprising 15 floors and a 26-story building
constructed in 1978. Both tower buildings are connected via a single-story
breaker and are almost completely let to more than 170 occupants.
About TMW Pramerica and Pramerica Real Estate Investors
The investment company TMW Pramerica Property Investment GmbH is a
sub-sidiary of Pramerica Real Estate International AG
(http://www.pramericarei.de). Pramerica Real Estate Investors, which
operates as Pramerica Real Estate International in Germany, 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 representatives in Milan and Zurich. As of
September 30, 2010, the company managed about $ 44.8 billion in gross real
estate assets $ 25.7 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 $ 750 billion
of assets under management as of September 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
individual and institutional customers grow and protect their wealth. In
the U.S., the company's Rock symbol is an icon of strength, stability,
expertise and innovation that has stood thetest 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.
End of Media Release
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26.01.2011 Dissemination of a Press Release, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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110122 26.01.2011
Datum: 26.01.2011 - 17:48 Uhr
Sprache: Deutsch
News-ID 33063
Anzahl Zeichen: 0
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Kategorie:
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"DGAP-Media: TMW Pramerica Property Investment GmbH: TMW Immobilien Weltfonds sells office block in Toronto far above fair market value"
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