Press Release September 23, 2014

Goodwin Procter Advises Pramerica on Joint Venture With Swedish Pension Fund to Acquire Retail Properties in Germany

Goodwin Procter’s London office has advised Pramerica Real Estate Investors* on the formation of a joint venture with the Third Swedish National Pension Fund, AP3, to buy retail properties across Germany.

The joint venture has already acquired a first portfolio and has agreed to acquire a second portfolio of grocery-anchored retail properties from funds managed by Taurus Investment Holdings. The Boston-based private equity real estate firm is retaining a minority stake in both transactions.

The two deals together represent €265 million of investment in the sector for the new partners and will see majority ownership of the assets transfer to AP3 and Pramerica. Those assets were held in Taurus' Euro Retail Fund I and II, which were launched when the firm made a return to the German real estate sector in 2004. The portfolio contains shopping centres dotted across Germany, including near Munich, Frankfurt and Wiesbaden.

The Goodwin team was led by partner Samantha Lake Coghlan with assistance from Greg Barclay, Glynn Barwick and Gillian Fraser in London and Brynn Peltz, Scott Webster, John Ferguson, Melissa Lang and Madeline Velazquez in the United States.

*Pramerica Real Estate Investors is the real estate investment and advisory business of Prudential Financial, Inc., which is headquartered in the United States. Prudential Financial, Inc. is not affiliated in any way with Prudential plc.