PGIM Real Estate, M7 Real Estate launch €100m value-add German industrial, logistics JV

PGIM Real Estate and M7 Real Estate have launched a €100 million ($111 million) joint venture to invest in value-added industrial and logistics assets in Germany. PGIM Real Estate is the $206 billion investment firm of PGIM and is the third-largest real estate firm globally.

The joint venture will target industrial and logistics assets in prime locations across Germany, focusing on assets that require repositioning through redevelopment and leasing in order to add value.

To date, the venture has acquired two assets in excess of €40 million ($45 million) in total. The first asset comprises a property in Mulheim, which is 75 percent let to two occupiers and provides the opportunity to lease up the vacant space and develop an additional 10,000 square meters (107,639 square feet) unit. The second is a multi-unit logistics park situated in Munster acquired via a short-term sale and leaseback. The venture plans to refurbish and re-let the building. The joint venture cont