Pramerica Real Estate Investors said it has secured £44 mln (EUR 52.6 mln) in new subscriptions from UK pension funds for its UK Ground Lease Fund, increasing the amount committed to about £285 mln.
Pramerica Real Estate Investors said it has secured £44 mln (EUR 52.6 mln) in new subscriptions from UK pension funds for its UK Ground Lease Fund, increasing the amount committed to about £285 mln.
The new subscriptions bring the total amount Pramerica has allocated to the sector to £420 mln. They follow a November 2011 announcement that the company won a separate account ground lease mandate to manage £135 mln on behalf of a major UK corporate pension fund.
Since the transfer of the fund to Pramerica on 1 September 2010, the firm has sourced and transacted ground lease deals worth £135 mln, with assets diversified across the office, hotel and residential sectors. The most recent acquisition was that of a portfolio of six hotels from the Principal Hayley Group for £90 mln.
Pramerica Real Estate Investors is the European arm of the real estate investment management and advisory business of Prudential Financial, which is headquartered in the US.
