TMW Pramerica has acquired the Tour Gallieni project near Paris for its TMW Immobilien Weltfonds for about € 100 mln. The development, located in the town of Bagnolet, about seven km northwest of Paris, will provide a total 26,000 m[sup]2[/sup] of accommodation and 508 parking spaces. It is due for completion in the first half of 2009.
TMW Pramerica has acquired the Tour Gallieni project near Paris for its TMW Immobilien Weltfonds for about € 100 mln. The development, located in the town of Bagnolet, about seven km northwest of Paris, will provide a total 26,000 m2 of accommodation and 508 parking spaces. It is due for completion in the first half of 2009.
The project has been acquired from Groupe Hoche Espais. ‘Our strategy is to acquire real estate at an earlier stage of development so that we can have major rental growth on these properties,' said TMW portfolio manager Sebastian Lohmer.
Pramerica Real Estate Investors, a subsidairy of US insurance company Prudential Financial, said in a statement that it has secureed a rental guarantee for a period of 12 months, so decreasing the risk.
The TMW Immobilien Weltfonds was set up in February 2008 and to date has raised a total of EUR 125 mln. The company said the fund will invest the equity in European and South American real estate over the next weeks .
