PGIM Real Estate's U.S. Sustainable Investing Strategy Selected as Winner of PREA 2024 ESG Momentum Award
The PREA ESG Momentum award recognizes industry-leading and innovative approaches to ESG issues among real estate strategies.
Dec 11, 2019
5 mins
A partnership between Signature Capital and PGIM Real Estate has acquired the Arrow Portfolio in Berlin from Patrizia AG as a share deal. The portfolio comprises four office properties in Berlin’s Central districts of Mitte and Kreuzberg, with a total area of c 32,000m sq, as well as an additional fully permitted development of c 8,500m sq.
PGIM Real Estate is the real estate investment business of PGIM, the US$1 trillion global investment management businesses of U.S.-headquartered Prudential Financial, Inc. (NYSE: PRU).
The properties in Mitte, one of Berlin’s most desired office and retail locations, are former Senior Living residences which will be converted into top grade new office space. The Kreuzberg district, which is adjacent to Mitte, was historically an industrial district and is now a creative hot spot with rapidly changing demographics, attracting start-ups and corporates alike.
This purchase is the latest in a series of investments that Signature Capital and PGIM Real Estate’s European value-add debt strategy have jointly made in recent years. The parties have agreed not to disclose the purchase price.
The PREA ESG Momentum award recognizes industry-leading and innovative approaches to ESG issues among real estate strategies.
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