鈥檚 newly launched core European strategy has bought a residential building in Germany for an undisclosed sum.
The manager said it has acquired the 15,000sqm asset in Frankfurt鈥檚 Sachsenhausen South district for its new open-ended European Core Diversified Property Fund.
The property was built in 1973 and comprises two adjacent residential buildings with 21 floors with over 382 apartments.
PGIM Real Estate said residential real estate company DeWAG will act as an operational partner and will be responsible for the asset management of the property.
Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate鈥檚 European core strategy, said: 鈥淥ur core strategy pursues a broad diversification into all sectors of the European metropolitan regions, particularly in residential real estate in Germany and France where we see real opportunities.
鈥滱s a long-term oriented investor, we believe this acquisition will generate a sustainable and solid return for our investors.鈥�
Helmut Beyl, founder and chairman of the management board of DeWAG, said: 鈥淭he central location of the property with its predominantly small units reflects the continuing demand on the Frankfurt residential market.
鈥滻n addition, Sachsenhausen is a very popular residential district in the city of Frankfurt due to its good connectivity and infrastructure. The recently completed new developments and the reconstructed Henninger Tower, a landmark of the city, underline this.鈥�
