JV with AVENTOS, PGIM RE Ties up Local JVs with European Logistic Players
Posted on 10/22/2021
PGIM Real Estate, on behalf of its European value-add strategy, inked a joint venture with AVENTOS to acquire warehouse, logistics properties, and light industrial properties across Germany. Berlin-based AVENTOS is an independent developer and asset management platform, including technical project development capabilities. The venture will target the top seven cities as well as growth regions such as Nuremberg, Hannover, Potsdam, and Kassel. AVENTOS will source the investments and be responsible for managing the properties.
The JV will target lot sizes between 10 to 40 million euros in urban or well-connected suburban locations close to population centers.
Earlier, PGIM Real Estate revealed a JV with Madrid-based real estate manager Azora to invest 150 million euros in last-mile logistics in Spain.
Keywords: Prudential Financial, Inc.
