Pramerica Real Estate Investors


Deal Type: Spin off Timing: October 1998 Size: £225 million / €320 million Status: Realized Arlington Securities PLC is one of Europe’s leading investor/developers of business parks. Pramerica initially syndicated one third each to a Middle Eastern investor and Legal and General Assurance Society. In June 2003 the UK assets held by Arlington were put into the Arlington Business Parks Partnership and Pramerica has sold out of its interests since then. In May 2004 Arlington acquired the UK and European (ex Nordic) business of Aberdeen Property Investors. In December 2005, Pramerica sold its residual interests in Arlington’s operations in Europe and China to clients of Morley Fund Management and affiliates of the Chinese government respectively. In January 2006, Pramerica sold its residual 25% stake in the main operating and property fund management business to Macquarie Goodman Group.

Deal Type: Public to Private Timing: August 1999 Size: £119 million / €180 million Status: Realized The acquisition of Hemingway Properties was one of the first “public to private” transactions in the UK. Hemingway owns a significant portfolio of commercial properties in the UK, primarily in Central London. Pramerica has sold a one third interest to ABP Investments and another third to The Royal Bank of Scotland plc. By end 2006 Hemingway has liquidated all of its assets and the underlying business has been transferred to a new company called Greenhills.

Deal Type: Venture Capital/Growth Capital Timing: September 1999 Size: £25 million / €40 million Status: Realized Big Yellow Group PLC is a leading owner/operator of self storage facilities in the UK. Big Yellow listed on the London Stock Exchange in May 2000. Pramerica sold its 28% interest in Big Yellow Group PLC through a private placement of the shares in February 2005.

Deal Type: Growth equity Timing: May 2006 Size: £35 million / €50 million Status: Unrealized A&A is a Zurich based developer, specialising in the development of quality office, retail and residential space in Switzerland.

Deal Type: Growth equity Timing: July 2006 Size: £30 million / €42 million Status: Unrealized Aros is a Stockholm based developer of quality residential real estate in Sweden.

Deal Type: Growth Capital Timing: August 2007 Size: £20 million / €40 million Status: Unrealized Banimmo France is the subsidiary entity of Banimmo, the listed Brussels based real estate company that Pramerica had already owned from June 2000 to October 2002. A joint venture has been formed to develop and invest in French retail.


Deal Type: Spin off Timing: June 2000 Size: £49 million / €86 million Status: Realized Banimmo is a listed Brussels based real estate company specialising in the development and repositioning of office and retail properties in the Benelux region. Pramerica initially syndicated a 50% interest in Banimmo to Dexia Banque. In October 2002, Pramerica sold its interests in Banimmo to the Macquarie Global Capital Partners.

Deal Type: Growth Capital Timing: November 2000 Size: £50 million / €83 million Status: Realized Bauwert Property Group is a Berlin based developer, specialising in the development of high quality office, retail and residential space in Germany. In July 2007 Pramerica sold Bauwert to apellas Gruppe to formed the merged apellasbauwert asset management GmbH.

Deal Type: Growth Capital Timing: December 2001 Size: £65 million / €99 million Status: Realized DeWAG is a Stuttgart based company specialising in the investment in and trading of residential real estate in Germany. In June 2006 Pramerica sold DeWAG to Archstone-Smith.

Deal Type: Venture capital/ Growth equity Timing: May 2002 / January 2007 Size: £210 million / €313 million Status: Partially realized Joint Ventures with Sunrise Senior Living, Inc. the leading listed US provider of senior care services, to develop and roll out senior living communities in the UK and Germany. In July 2007 Pramerica sold the first 6 UK communities to Morgan Stanley Real Estate Funds and entered into a forward sale contract of a further 11 sites.

Deal Type: Growth equity Timing: July 2005 Size: £45 million / €70 million Status: Unrealized Bluespace is a self storage business operating in Madrid, Barcelona and Valencia, Spain.

Deal Type: Growth equity Timing: February 2005 Size: £33 million / €50 million Status: Unrealized Joint Venture with Bleecker Group (including its development arm Fulton) to develop and refurbish larger office and industrial projects in Paris and other French regional cities.

Deal Type: Growth Capital Timing: November 2007 Size: £50 million / €69 million Status: Unrealized Big Yellow Group PLC is a leading listed owner/operator of self storage facilities in the UK that Pramerica owned a stake in from September 1999 to February 2005. A joint venture has been formed with Big Yellow to develop and operate self storage stores in the Midlands and Northern England and Scotland.