Pramerica Real Estate Investors and Kauri CAB Management have sold all the investments made by their German residential joint venture established in 2011.
Pramerica, the real estate arm of US company Prudential Financial, has announced the sale of the remaining assets – a portfolio in Berlin – for €78.6m.
The 25 Altbau buildings in Berlin were part of portfolio of 953 apartments amassed since the joint venture was launched in 2011.
The 50,000 sqm portfolio, built between 1886 and 1913, was mainly located in the districts of Neukölln, Kreuzberg, Schöneberg, Wedding, Tiergarten and Prenzlauer Berg.
Pramerica formed the Luxembourg-based joint venture with Kauri CAB on behalf of its institutional fund PRECO IV with an initial investment capacity of €120m. The value-added strategy was to acquire and refurbish residential apartments.
Kauri CAB sourced acquisitions and oversaw day-to-day management of the properties, rental negotiations and development process.
Sebastiano Ferrante, head of Germany for Pramerica, said the experience would help the fund manager “capitalise on future investment opportunities in the German residential sector”.