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Transactions - SEPTEMBER 12, 2019

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PGIM Real Estate acquires three French properties

by Kali Persall

PGIM Real Estate, the real estate arm of $1.3 trillion Prudential Financial, has acquired three properties in France, the company announced today.

The assets include Atria, an office building in Paris, a class A logistics platform development in the south of Paris, and Portes Sud, an office campus in Toulouse.

The purchases were made on behalf of investors in its core-plus and value-add pan-European discretionary funds. Financial terms were not disclosed.

“These recent acquisitions demonstrate the agility of PGIM Real Estate’s platform in France, as well as our ability to execute on transactions across sectors and strategies in which we have conviction,” said Jocelyn de Verdelon, head of France, Spain and Portugal at PGIM. “This cross-functional expertise enables us to successfully deliver our strategy across defined risk-return requirements.”

Atria, a 5,000-square-meter (53,819-square-foot) property that was converted into an office building in

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