Pramerica Real Estate Investors and the Third Swedish National Pension Fund, AP3 have formed a joint venture to invest in retail properties throughout Germany. The vendor is a group of funds managed by Taurus Investment Holdings. The JV is acquiring a controlling stake of the properties in two separate transactions totaling €265m. The total floor space amounts to over 200,000 sqm. The portfolio comprises centers located throughout Germany, including properties near Frankfurt, Wiesbaden and Munich. Sebastiano Ferrante, head of Germany for Pramerica Real Estate Investors, said: “The German market offers good prospects for retailers amid low unemployment, low household debt and rising wages.”
