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PREI joint venture sells German residential portfolio

Prudential Real Estate Investors (PREI) and Kauri CAB Management have sold a portfolio of 25 residential ‘Altbau’ buildings located within the S-Bahn ring of Berlin for EUR78.6 million, or about USD105 million.

PREI is the real estate investment and advisory business of Prudential Financial.
The portfolio, with buildings constructed between 1886 and 1913, has more than 538,000 square feet available to be leased in the districts of Neukölln, Kreuzberg, Schöneberg, Wedding, Tiergarten and Prenzlauer Berg. The transaction comprised the remaining assets acquired through a joint venture that PREI formed in August 2011 with Kauri CAB to invest in residential apartment blocks in Berlin.
PREI, which operates as Pramerica Real Estate Investors in Germany, is acting on behalf of institutional investors.
Since 2011, the joint venture has amassed 953 apartments, with Kauri CAB sourcing the acquisitions. Kauri CAB also oversaw the day-to-day property management, rental negotiations and refurbishment.
Sebastiano Ferrante, PREI’s head of Germany, says: “The sale represents an excellent outcome for PREI and our partner. Most important, this sale confirms the successful track record of European value-added transactions we have made on behalf of our clients for the last 15 years. We intend to leverage this experience to capitalize on future investment opportunities in the German residential sector.”
Real estate advisor Angermann and European law firm Beiten Burkhardt acted for the joint venture in the sale.

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