Prudential Financial : PREI acquires 49/51 George V Paris
June 30, 2014 at 11:41 am EDT
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PARIS - Prudential Real Estate Investors announced today that it has completed the acquisition of a 5,265 square metres (56,672 square feet) Grade A retail and office building, 49/51 avenue George V Paris on behalf of an investor advised by the company. PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).
49/51 avenue George V is a landmark, multi-let building in the immediate vicinity of the Champs Elysées. A full refurbishment of the building was completed in 2007 to provide high-quality flexible space arranged over eight floors.
Jocelyn de Verdelon, head of France, Spain & Portugal for PREI, said: "49/ 51 George V combines high quality retail with efficient modern office space close to the famous Champs-Elysées. We believe that well-located prime assets of this nature have excellent reversionary potential and subsequently offer a compelling risk-return profile."
PREI, which operates as Pramerica Real Estate Investors in Europe, was advised by Wargny Katz et Associés and De Pardieu Brocas Maffei. The seller, a private investor, was advised by JLL through a co-exclusive mandate with BNP Paribas.
PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., the company also has offices in Atlanta, Chicago, Miami, New York, San Francisco, Frankfurt, Lisbon, London, Luxembourg, Munich, Paris, Abu Dhabi, Mexico City, Sao Paulo, Hong Kong, Seoul, Singapore, Sydney and Tokyo. In addition, the company has representatives in Milan. PREI had gross assets under management of USD $55.8 billion ($41.8 billion net), as of March 31, 2014. For more information, visit http://www.prei.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1.1 trillion of assets under management as of March 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.www.news.prudential.com.
Prudential Financial, Inc. specializes in supplying financial services to private and institutional customers. Revenues break down by activity as follows:
- retirement insurance (25.4%);
- individual life insurance (11.4%);
- group insurance (10.3%): primarily life and disability insurances;
- individual fixed and variable annuity management (8.2%);
- portfolio and mutual fund management (7.5%): USD 1,524 billion in assets under management at the end of 2021;
- other (0.9%).
The remaining revenues (36.3%) are from international activities.
Revenues are distributed geographically as follows: the United States (63.8%), Japan (26.6%) and other (9.6%).