PREI Selling PPIM to Management

LONDON-Prudential Real Estate Investors has agreed to a management-led buyout of its locally based fund-management subsidiary Pricoa Property Investment Management Ltd. The agreement comes just one year after PREI beefed up in other areas of Europe with the acquisition of the Munich-based advisory firm TMW Immobilien for $180 million.

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.