PGIM Real Estate’s European value-add fund has sold a 32,000sqm office property in Munich to LaSalle Investment Management.
The manager said the sale of the six-story Westend Yards asset at Hansastrasse 24-36 completes PGIM Real Estate’s disposition of the Triple Portfolio. Financial details were undisclosed.
PGIM Real Estate, on behalf of its European value-add strategy, acquired the Triple Portfolio in 2016 and comprised two additional assets in Munich located in Neuperlach and near Ostbahnhof.
The Thomas-Dehler Straße 18 in Neuperlach and the Neumarkter Straße 59-63 near Ostbahnhof were sold in September 2017 and April 2018 respectively.
Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate, said: ”The sale of the Triple portfolio represents the successful deployment of PGIM Real Estate’s strategy to uncover value in non-CBD office locations across Europe, particularly in Germany.
“In many of Europe’s major office markets, factors such as rising demand, low supply growth and falling vacancy—along with an ageing profile of existing stock—point to the ongoing attractiveness of strategies that seek to create value through active asset management or repositioning strategies.”
