PGIM Real Estate has sold Westend Yards in Munich to LaSalle Investment Management. The a 32,000 sqm building was the last of three properties acquired in 2016 to have been disposed. The other two buildings were sold in September 2017 and in April 2018. “The sale of the Triple portfolio represents the successful deployment of PGIM Real Estate’s strategy to uncover value in non-CBD office locations across Europe, particularly in Germany,” said Sebastiano Ferrante, the head of Germany and Italy for PGIM. “In many of Europe’s major office markets, factors such as rising demand, low supply growth and falling vacancy—along with an ageing profile of existing stock—point to the ongoing attractiveness of strategies that seek to create value through active asset management or repositioning strategies.”
