Pramerica Real Estate Investors, part of US group Prudential Financial, has made its first investment in Mexico on behalf of a Spezialfonds managed by its German arm TMW Pramerica Property Investment. The fund has bought the Torre Acuario office and retail property in Mexico City from a local private investor. The transaction price is said to amount just less than EUR 100 mln.
Pramerica Real Estate Investors, part of US group Prudential Financial, has made its first investment in Mexico on behalf of a Spezialfonds managed by its German arm TMW Pramerica Property Investment. The fund has bought the Torre Acuario office and retail property in Mexico City from a local private investor. The transaction price is said to amount just less than EUR 100 mln.
Completed in 2004, the class-A mixed-use tower is located in central Santa Fe, the most modern district of Mexico City and offers roughly 30,000 m2 of space fully let to a number of international and creditworthy tenants including Grupo Modelo, the producer of the Corona Extra beer. Aguirre Newman advised the buyer.
The acquisition comes hard on the heels of Pramerica's purchase last week of a retail centre in the city of Helsingborg, Sweden, on behalf of the Spezialfonds EuRetail investment fund. The vendor is a joint venture of GE Capital Real Estate and NR Nordic & Russia. The investment volume amounts to EUR 36 mln. Earlier in April, Pramerica also acquired two adjacent retail properties in Würzburg, in the northern tip of Bavaria, Germany for around EUR 40 mln.
