Pramerica Real Estate Investors said it raised $315 mln (EUR 256 mln) from German institutional investors at the first close of its fifth US property fund in June.
Pramerica Real Estate Investors said it raised $315 mln (EUR 256 mln) from German institutional investors at the first close of its fifth US property fund in June.
The firm has bought a LEED Gold-certified office building in the central business district of San Francisco in its first acquisition for US Property Fund V (USPF V) as part of its core/core plus investment strategy. The office was designed by architects firm Skidmore, Owings & Merrill and provides around 5,000 m2 of space.
Pramerica has purchased more than 80 assets with an investment volume of over $3.7 bn (EUR 3 bn) since the launch of the first US property fund in 1994. Total returns on investments have averaged 18.6%.
The funds focus on investments in the five key US office markets New York City, Washington DC, Boston, San Francisco und Los Angeles.
Pramerica will hold the second close for USPF V later this year and is planning investments of around $1 bn (EUR 0.8 bn) over the next two years.
Pramerica is the real estate investment and advisory business of US financial services group Prudential Financial.
