GERMANY – Irish and Dutch pension funds are among the backers who’ve put $140m (€116.2m) into a German residential real estate venture called DeWAG.
Prudential Real Estate Investors said it had raised the cash for its German residential investment strategy to invest in the expansion of Stuttgart-based DeWAG Deutsche WohnAnlage.
PREI is the real estate investment and advisory business of Prudential Financial of the US.
Investors include a UK charity, an Irish pension fund, Dutch pension funds, and a Belgian investment bank acting on behalf of rich clients, a spokeswoman said.
“The US client is a Pramerica Real Estate Investors affiliate within Prudential Financial.”
The move was made via Prudential's Luxembourg-based affiliate, German Residential Investment Holding. It said it follows an initial investment in DeWAG by Prudential's London merchant banking team for investors in 2001.
DeWAG was formed by its three managing directors and shareholders, Klaus Irtenkauf, Helmut Beyl and Mario Bohlen, to participate in the increasing trend of home ownership in Germany, Prudential said.
DeWAG's has more than 3,300 “housing units” in more than 35 different places in Germany.