The transaction is expected to close early in the second quarter. Financial terms were not disclosed by the parties involved and were not otherwise immediately available. The sale does not include the Pricoa brand. PREI will continue to provide entity-level investment vehicles in Europe through Pricoa Property Private Equity Ltd. and property-level investment opportunities there through Munich-based TMW Immobilien.

As a result of the transaction, PREI will no longer hold an equity stake in the business, but plans to remain invested in existing Pricoa Property Investment Management funds. The purchasers of Pricoa Property Investment Management include the current CEO Richard Plummer, managing director Robert Gilchrist and other senior management. Their new name for the operation has not yet been announced. Plummer did not return a phone call seeking comment on the future of the company, and a PREI spokesperson declined comment.

As part of PREI's December 2002 acquisition of TMW, ERGO Trust and Provinzial Rheinland Versicherung, TMW's largest shareholders and investors, both based in Dsseldorf, agreed to participate in a joint venture with PREI and TMW's management shareholders to develop real estate investment products specifically tailored to TMW's clients in Germany, Switzerland and Austria.