Pramerica sets up EUR 120m German mall jv

Pramerica Real Estate Investors has announced a joint venture with German retail specialist HKM to develop a EUR 120 mln shopping centre in Germany.

The new jv will be called PBC Preco and has a planned total investment fund of EUR 120 mln, which will be used to acquire and develop the site in Böblingen, near Stuttgart.

The planned shopping centre, which already has outlined planning consent, will boast some 24,400 m² of lettable area across 95 retail units. Construction is expected to commence in mid 2012.

Pramerica was advised on the project by Clifford Chance, Ernst & Young, CBRE and WSP CBP. HKM was advised by Rotthege & Partner. Financing for the project has been provided by Eurohypo.

Pramerica is the European arm of the real estate investment and management business of US financial giant Prudential.