April 02, 2019

MUNICH, April 2, 2019 – PGIM Real Estate has completed the sale of Westend Yards at Hansastrasse 24-36, a 32,000-square-meter office property in Munich, on behalf of its European value-add strategy. PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).

Westend Yards, a six-story property in the well-established office market of Westend, sits less than five kilometers from Munich’s central business district with nearby access to motorways and local metro lines.


“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.

Sebastiano Ferrante,
Head of Germany & Italy


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This sale completes PGIM Real Estate’s disposition of the Triple Portfolio, which was acquired in 2016 and comprised two additional assets in Munich located in Neuperlach and near Ostbahnhof. Together, the portfolio comprised approximately 58,000 square meters of rental area with an average 5 percent vacancy rate and in addition to Westend Yards, included:

Thomas-Dehler Straße 18 in Neuperlach, Munich, a five-story property with 9,700 square meters of office space, which was sold in September 2017.

Neumarkter Straße 59-63 near Ostbahnhof, a five-story property comprising approximately 16,200 square meters of offices, which was sold in April 2018.

PGIM Real Estate’s active asset management strategy to add value to the portfolio included the extension of lease terms as well as the increase of rents with major tenants, and the leasing of all vacant office space. In total, approximately 26,000 square meters of rental area was newly let or renewed, increasing the overall rent by 16 percent. In addition, PGIM Real Estate secured a building permit to create an additional 11,000 square meters of office space at Westend Yards, all of which have enabled PGIM Real Estate to maximize the value of the three properties.

“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,” commented Sebastiano Ferrante, head of Germany and Italy. “In many of Europe’s major office markets, factors such as rising demand, low supply growth and falling vacancy—along with an aging profile of existing stock—point to the ongoing attractiveness of strategies that seek to create value through active asset management or repositioning strategies. We are pleased with the value we created for our investors with this portfolio.”

About PGIM Real Estate
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of largest real estate investment managers in the world, with more than $168.4 billion in gross real estate assets under management and administration, as of Dec. 31, 2018.1 Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.

PGIM Real Estate, the real estate investment management business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate’s tenured team offers to its global clients a broad range of real estate equity, debt, and securities investment strategies that span the risk-return spectrum and geographies. For more information, visit pgimrealestate.com.

About PGIM and Prudential Financial, Inc.
With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world2 with more than $1 trillion in assets under management as of Dec. 31, 2018. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 15 countries across four continents. For more information about PGIM, visit pgim.com.

Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.

© 2019 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.

1PGIM’s total gross real estate assets under management include $33.1 billion of assets under administration.

2Pensions & Investments’ Top Money Managers list, May 28, 2018; based on Prudential Financial total worldwide institutional assets under management as of Dec. 31, 2017. Assets under management (AUM) are based on company estimates and are subject to change.


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