Pramerica Real Estate Investors, the European arm of Prudential Financial's real estate investment management division, has acquired a majority stake in the Munich Siemens Campus in a joint venture with an unnamed institutional investor.
Although the exact price for the stake was undisclosed a source close to the transaction said Pramerica has acquired approximately 60 percent of the office and research campus.
The firm acquired the stake in the 4,578,860 square feet site located in Southeast Munich from German property management company Hamburgische Immobilien Handlung and Manhattan-based real estate investment, development and management company RFR Holdings.
The Siemens Campus comprises 4,000,633 square feet of rental space across 37 buildings, parking lots and open land. The site is fully-leased to global technology company Siemens, and is one of Siemens’s largest locations worldwide. The campus has direct access to underground and railway services at the Neuperlach Sued station and is in close proximity to several major highways.
“Growing consumer confidence and the prospects for job growth are fueling improved occupier demand in Germany,” said Sebastiano Ferrante, head of Germany for Pramerica. “We believe Munich’s positive demographic development and strong economic prosperity present excellent prospects and that the Siemens Campus is well-positioned to capitalize on these trends to produce attractive long-term returns for our investor partner.”
Pramerica has more than 650 employees located in 19 cities around the world, and gross assets under management of $58.7 billion as of December 31, 2014.