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«Pramerica Real Estate Investors announced today the acquisition of two project developments in Santiago de Chile and Lisbon, Portugal, on behalf of its open ended fund, "TMW Immobilien Weltfonds," offered through its KAG, TMW Pramerica.
„These two acquisitions are our market entry in Chile and Portugal" comments Sebastian Lohmer, portfolio manager of TMW Ommobilien Weltfonds.
The development in Chile is - afer having acquired an existing office building in Buenos Aires in 2007 - the second acquisition for the fund in South America. The development will be an office building of approximately 22.000 sqm with about 590 parking spaces in the area "Las Condes" the most important business area in Santiago de Chile. With its completion at the end of 2009 the building will be part of the fund.
The second development in Lisbon, Portugal, is situated on the former world exhibition area of the "Expo 98". The two modern office buildings with totally about 15.000 sqm lettable area and 360 parking lots have good transport connections.
„With these acquisitions we are diversifying our portfolio internationally", says Lohmer. For the next weeks he is planning to complete an acquisition in Japan.
In May 2007 the sale of new shares was temporarily stopped to limit the fund`s liquidity. Since February 7th is opened for trade again. Since then the fund collected about 200 m €.
The fund volume is approx. 750 Million € and the fund is invested in 10 countries. With a yield of 6.1 % over the last 12 months (BVI method) the fund is amongst the most successful globally investing real estate funds.
Pramerica’ is the real estate investment and advisory business of Prudential Financial, Inc. Its specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia, and Latin America. The company's fund management operations, located in Parsippany, NJ, Atlanta, Munich, London, Mexico City and Singapore, are supported by a network of local offices throughout the world. As of December 31, 2007, PREI managed $30.1 billion in net assets on behalf of more than 400 clients and is ranked among the largest real estate investment managers. For more information, visit www.prei.com.
Pramerica Financial is a tradename used by Prudential Financial, Inc., a company incorporated and with its principal place of business in the United States, and its affiliates in select countries outside the United States. Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $648 billion of assets under management as of December 31, 2007, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential Financial is focused on helping more than 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential Financial's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom». (CS della Società)
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