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Thomas Daily Morning News / Oct 1st, 2009   

Pramerica: Plans for sale of German apartments for 150m Euro

Pramerica Real Estate Investors are planning to purchase residential properties in German cities and their surrounding areas on behalf of institutional investors for up to 150 million Euro. To do so, they have entered into a joint venture with a company newly founded by Mario Bohlen, former Managing Director of DeWag, the company has said. The acquisition of a portfolio with ten properties in optimal locations in Berlin is said to have initiated the co-operation. The project spans 279 residential properties and 28 retail units with a total of 24,400 m² of living space to be leased. The asset management for the joint venture is to be managed by living:up Wohnprojekte GmbH.

Deal Magazin / September 30th, 2009   

Pramerica enters into joint venture with experts in German residential property

Pramerica Real Estate Investors have entered into a joint venture with Mario Bohlen, on behalf of institutional investors, with the aim of investing up to 150 million Euro in residential property in German cities and their surrounding areas. Pramerica is the European property investment branch of the US financial group Prudential Financial, Inc.

Mario Bohlen, former Managing Director of the DeWag group, founded a new company and recruited an experienced team of staff. In 2001, Bohlen was already significantly involved in Pramerica’s successful investment in DeWag and their eventual sale to Archstone Smith in 2006.

The acquisition of a portfolio with ten properties in optimal locations in Berlin initiated the co-operation. The project spans 279 residential properties and 28 retail units with a total of 24,400 m² of living space to be leased.

living:up Wohnprojekte GmbH is to take on the asset management for the joint venture. We are very happy to be working with Mario Bohlen again. Along with his team, he brings the expertise and successful track record that we look for in our partners“, explained Stefan Schraut, Senior Vice President at Pramerica. “The German residential property market offers attractive investment opportunities. It brings together good value purchase prices, low volitality and stable demand in an international context for both rented and personal properties."