Pramerica Real Estate Investors has acquired an office portfolio in Prague and Warsaw from BA-CA Real Invest for EUR 198 mln. The portfolio, purchased through an auction organised by the real estate advisor CB Richard Ellis, was previously owned by the closed-ended fund Immobilieninvestments.
Pramerica Real Estate Investors has acquired an office portfolio in Prague and Warsaw from BA-CA Real Invest for EUR 198 mln. The portfolio, purchased through an auction organised by the real estate advisor CB Richard Ellis, was previously owned by the closed-ended fund Immobilieninvestments.
The portfolio includes seven office buildings with a total lettable area of 63,000 m2. The properties tenants include electronics company ABB, telecommunication giant Ericsson, and Ceska Sporitelna. 'The sale has been prepared and completed in only six months. This shows how professionals at BA-CA Real Invest works', commented Reinhard Madlencnik, BA-CA's ceo at the real estate department. BA-CA Real Invest's managing director Karl Derfler said that the 'portfolio was probably one the most interesting in the whole CEE-area'.
Pramerica Real Estate Investors is one of the leading real estates investment managers in the world. It manages a portfolio valued at some EUR 25.9 bn as on September 30, 2006. Pramerica is a real estate investment management unit of the financial and insurance company Prudential Financial.
