Pramerica and HKM Form Retail Development Venture
Pramerica Real Estate Investors, the real estate investment management and advisory business of US-based Prudential Financial, has formed a joint venture company with HKM Management AG to develop a major new shopping centre in Böblingen, near Stuttgart, in Germany’s Baden-Württemberg region.
The Luxembourg-based joint venture, PBC Preco Sàrl, has a total investment capacity of around €120 million, which will be used to finance the acquisition of the site and the subsequent construction of the shopping centre.
“Baden-Württemberg has a very stable investment environment,” says Herbert Krämer, CEO of HKM. “Böblingen as a town also has a high absolute purchasing power and is one of the top five development regions in Germany. As such the potential tenant demand is lar