KVG Hansainvest together with Wertgrund Immobilien Gmbh has acquired PGIM Real Estate subsidiary Pramerica Property Investment Gmbh (PPI).
As an Alternative Investment Fund Manager (AIFM), the PPI manages open-ended real estate funds, including the open-ended public fund WERTGRUND WohnSelect D, which was launched nine years ago and invests in residential real estate in Germany.
The three companies have agreed on a deal in which the PPI goes to the two German companies.
With PGIM Real Estate Germany AG, PGIM Real Estate maintains another capital management company (KVG) for the German market, through which special funds can also be set up and managed.
The sale of the PPI is still subject to antitrust and regulatory approval. After the transition, the company is to be renamed.