DGAP-Media: Pramerica Real Estate International AG: Pramerica and Panattoni increase investment into European logistics real estate to EUR220 million - Form new EUR80 million Western European JV and expand Central and Eastern Europe partnership
(firmenpresse) - DGAP-Media: Pramerica Real Estate International AG / Key word(s):
Finance/
Pramerica Real Estate International AG: Pramerica and Panattoni
increase investment into European logistics real estate to EUR220
million - Form new EUR80 million Western European JV and expand
Central and Eastern Europe partnership
23.02.2011 / 09:02
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LONDON/MUNICH - Pramerica Real Estate Investors today announced that it has
further increased its investment into the European logistics warehouse
market through the formation of a new Western European joint venture with
Panattoni Europe, and the expansion of its existing Central and Eastern
Europe joint venture with Panattoni. Pramerica Real Estate Investors is
European arm of the U.S.-based Prudential Financial, Inc.'s real estate
investment management and advisory business.
The new Western European joint venture has a total investment capacity of
approximately EUR80 million. It will target Class A logistics developments
with a minimum area of approximately 10,000 square meters that are at least
50 percent prelet, with a primary focus on Germany and France and is
considering several projects, including at least one that could close as
early as the first quarter.
Pramerica has also increased the size of its existing Central and Eastern
Europe logistics joint venture with Panattoni by a further EUR40 million,
bringing the total investment capacity to EUR140 million. The venture has
already closed three transactions since its inception in 2010, investing
EUR33.4 million in three developments in Poland totalling 57,400 square
metres of Class A logistics space.
'The Western Europe JV allows us to build on the success we have already
achieved in partnership with Panattoni in Central and Eastern Europe,
particularly in light of its growing European presence and attractive
conditions in certain markets,' said Max Kreuter, portfolio manager,
Pramerica Real Estate Investors. 'This venture gives our investors access
to opportunities that provide the potential for strong returns,
particularly in Germany and France.'
Said Jean van Hecke, managing director for Panattoni Europe, 'Pramerica has
been an excellent joint venture partner, and has provided the financial
backing and local market expertise for us to make the most of the
significant demand for quality logistics warehousing that we are seeing
across Europe.'
'We have a proven track record in partnership with Pramerica,' van Hecke
continued, 'and expect this to continue as we establish our new venture in
Western Europe and build on our previous successes in Central and Eastern
Europe.'
Editor's Notes:
About Panattoni Europe
Panattoni Europe is part of the Panattoni Development Company, one of the
largest industrial developers in the world with offices in North America
and Europe. During the past five years, the Company has developed
approximately seven million square meters of new space globally, with
approximately 840,000 square meters having been developed in Europe during
the most recent two-year period. Among key tenants are companies such as
Arvato Services Polska, Coty Cosmetics, DSV, H&M, Intermarche, Leroy
Merlin, ND Logistics, Still, Schenker and Tesco. Panattoni Europe has its
headquarters in the Netherlands with additional offices in the Czech
Republic, France, Germany, Italy, Poland, Spain and the United Kingdom. For
more information, please visit http://www.panattoni.com
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 along
with 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 Financial is a trade name 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 $784
billion of assets under management as of December 31, 2010, has operations
in the United States, Asia, Europe, and Latin America. PFI's diverse and
talented employees are committed to helping individual and institutional
customers grow and protect their wealth through a variety of products and
services, including life insurance, annuities, retirement-related services,
mutual funds, investment management, and real estate services. In the U.S.,
the company's iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. 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.
In the United Kingdom and various other jurisdictions in Europe, all
investment activities are carried out by representatives of Pramerica
Investment Management Limited ('PIML') which is authorised and regulated by
the Financial Services Authority. PIML is incorporated in England (Reg.
No. 3809476) and its Registered Office is at Grand Buildings, 1-3 Strand,
Trafalgar Square, London WC2N 5HR.
End of Media Release
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113146 23.02.2011
Datum: 23.02.2011 - 09:02 Uhr
Sprache: Deutsch
News-ID 33278
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