Prudential Property Investment Managers (PRUPIM) has moved into the German real estate market with the acquisition of the Glashaus project in Munich's district Parkstadt Schwabing. The office development was bought from German developer Paulus Immobilien on behalf of the M&G European Property Fund.
Prudential Property Investment Managers (PRUPIM) has moved into the German real estate market with the acquisition of the Glashaus project in Munich's district Parkstadt Schwabing. The office development was bought from German developer Paulus Immobilien on behalf of the M&G European Property Fund.
The deal was carried out off-market and realised a yield of 6.25%. The building, which is to be completed in 2008, will comprise 6,500 m2 over six storeys and is yet to be let. The purchase price of the investment is partially dependant on the letting success, and is just above EUR 20 mln.
'This represents a very good opportunity to acquire a high quality, office development at a relatively high yield compared to other major continental European cities,' David Jackson, fund manager for PRUPIM said. 'In addition, The M&G European Property Fund is now exposed to one more of the important office markets in Europe, complementing its existing presence in the Netherlands, France and Italy.'
Cushman & Wakefield Investors acted for PRUPIM and will asset manage the investment in partnership with PRUPIM.
PRUPIM also announced on Monday that it has sold its 12,820 m2 Century mixed-use portfolio in the West End of London to local property company Lazari Investments for about £112 mln (EUR 166 mln), reflecting a yield of 4.5%.
