Pramerica Real Estate Investors (PREI) has increased its investment into the European logistics warehouse market through the formation of a new Western European partnership with Panattoni Europe, and the expansion of its existing Central and Eastern Europe joint venture with the company.
Pramerica Real Estate Investors (PREI) has increased its investment into the European logistics warehouse market through the formation of a new Western European partnership with Panattoni Europe, and the expansion of its existing Central and Eastern Europe joint venture with the company.
The new Western European joint venture has a total investment capacity of approximately EUR 80 mln. It will target Class-A logistics developments with a minimum area of 10,000 m2 that are at least 50% pre-let, with a primary focus on Germany and France. It is currently considering several projects, including at least one that could close in the first quarter.
PREI has also increased the size of its existing Central and Eastern Europe logistics joint venture with Panattoni by a further EUR 40 mln, bringing the total investment capacity to EUR 140 mln. The venture has already closed three transactions since its inception in 2010, investing over EUR 33 mln in three developments in Poland totalling 57,400 m2 of Class-A logistics space.
PREI is the European arm of US-based Prudential Financial's real estate investment management and advisory business.
'Pramerica has been an excellent joint venture partner, and has provided the financial backing and local market expertise for us to make the most of the significant demand for quality logistics warehousing that we are seeing across Europe,' said Jean van Hecke, managing director for Panattoni Europe.
