PGIM Real Estate Germany AG
Pramerica sells its interest in PCCW-Tower in Hong Kong
Pramerica Real Estate International AG / Key word(s): Finance 29.09.2010 12:34 --------------------------------------------------------------------------- LONDON- Pramerica Real Estate Investors announced today the sale of its 80 percent shareholding in PCCW Tower in Hong Kong. The company was acting on behalf of institutional investors in a fund advised by its Munich-based arm, Pramerica Real Estate International AG. The company is the real estate investment management and advisory business of Prudential Financial Inc., (NYSE: PRU), which is headquartered in the United States. Terms of the sale were not disclosed. The property, completed in 1994 as part of a twin tower development, is in the centre of Taikoo Place of Hong Kong, one of the territory's best planned and well-serviced business districts. The 41-floor 620,148 sqft building is laid out over a four-level podium with a four-level basement parking garage. Pramerica acquired the property in August 2005 for investors in its core plus Asian real estate strategy. 'Given the highly volatile nature of the real estate market in Hong Kong, and the significant size of this investment, this was the right time to take advantage of the return of investor and banker confidence in the Asian market, which has recovered materially since the financial turmoil began.' Portfolio Manager Martin Stoss explains. 'Renewed investor confidence has been fueled, in part, by robust retail sales in Hong Kong, which rose by nearly 20 percent year-on-year to May 2010, underlining the strength of the overall economy in the area. That shift in confidence, combined with an improving market, gave us an opportunity to earn double-digit returns for our clients.' About Pramerica Real Estate Investors Pramerica Real Estate Investors is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Parsippany, N.J., Pramerica has offices in Atlanta, Chicago, New York, San Francisco, Miami, London, Lisbon, Madrid, Munich, Paris, Luxembourg, Istanbul, Singapore, Mexico City, Rio de Janeiro, Hong Kong and Tokyo as well as two representations in Milan and Zurich. As of June 30, 2010, the company managed about $43.1 billion in gross real estate assets ($23.4 billion net) on behalf of more than 490 clients worldwide and ranks among the largest real estate investment managers. For more information, please visit http://www.pramericarei.com. About Pramerica Pramerica 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. PFI (NYSE: PRU), a financial services leader with approximately $690 billion of assets under management as of June 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, PFI is focused on helping strength, stability, expertise and innovation that has stood the test of time. PFI'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 http://www.news.prudential.com. PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. 29.09.2010 Dissemination of a Press Release, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Pramerica Real Estate International AG Wittelsbacherplatz 1 80333 München Deutschland Internet: www.pramerica.eu End of Announcement DGAP-Media ---------------------------------------------------------------------------
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