Pramerica Real Estate Investors and its German joint venture partner Kauri CAB Management have sold a portfolio of 25 residential buildings in Berlin for €78.6 mln.
Pramerica Real Estate Investors and its German joint venture partner Kauri CAB Management have sold a portfolio of 25 residential buildings in Berlin for €78.6 mln.
The portfolio, comprising some 50,000 m2 of lettable area in the Berlin districts of Neukölln, Kreuzberg, Schöneberg, Wedding, Tiergarten and Prenzlauer Berg, was sold to Akelius, one of Sweden’s largest privately owned residential landlords.
The 25 residential properties comprise 953 apartments and form the bulk of a portfolio of 26 assets built up with Kauri CAB since 2011. In June 2013, the joint venture sold Wollankstrasse 32-39, a 12,000 m2 residential property.
Under the joint venture, Kauri was responsible for sourcing the acquisitions and overseeing the day-to-day property management, rental negotiations and refurbishment of the properties. Pramerica formed the JV in August 2011 to invest in residential apartment blocks in Berlin on behalf of institutional investors.
Sebastiano Ferrante, head of Germany for Pramerica Real Estate Investors, said: ‘The sale represents an excellent outcome for Pramerica Real Estate Investors and our partner. Most important, this sale confirms the successful track record of European value-added transactions we have made on behalf of our clients for the last 15 years. We intend to leverage this experience to capitalise on future investment opportunities in the German residential sector.’
Real estate adviser Angermann and European law firm Beiten Burkhardt acted for the joint venture in the sale.
Pramerica Real Estate Investors is the real estate investment and advisory business of Prudential Financial with gross assets under management of $55.8 bn (€41.5 bn) at end-March 2014.
