Prudential Real Estate Investors acquires interest in Siemens Campus in Munich from RFR and HIH
Prudential Real Estate Investors today announced it acquired a majority interest in the Munich Siemens Campus in a joint venture with an institutional investor from a fund structure managed by HIH Hamburgische Immobilien Handlung GmbH, and RFR Lux Holdings S.a.r.l. PREI is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE:PRU).
Additional terms of the transaction were not disclosed.
The office and research campus, a 425,390 square meter site located in Neuperlach Sued in southeast Munich, comprises 371,671 square meters of rental space across 37 buildings, parking facilities and open land.
“Growing consumer confidence and the prospects for job growth are fueling improved occupier demand in Germany,” said Sebastiano Ferrante, head of Germany for PREI. “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.”
Fully leased to Siemens AG, the campus is one of Siemens’s largest locations worldwide. The conveniently located campus has direct access to underground and railway services at the Neuperlach Sued station and is in close proximity to several major highways.
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Investing in real estate on behalf of institutional clients since 1970, PREI today has more than 650 employees located in 19 cities around the world, and gross assets under management of $58.7 billion ($44.1 billion net) as of December 31, 2014.
PREI offers to its global client base a broad range of real estate investment vehicles across the risk-return spectrum and geographies, including core, core plus, value-add, opportunistic, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’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 and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
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