PGIM, an asset manager, has sold a German data center development property close to Munich to an unidentified European infrastructure investor. The specifics of the project, the deal’s terms, and the purchaser have not been disclosed. Image source: Pixabay.
The firm declared that the 30MW project in Greater Munich (Unterschleissheim) has a construction permit and necessary approvals. The site was purchased by PGIM’s closed-ended value-add fund European Value Partners (EVP) II in 2024. Nabil Mabed, who leads value add Europe, real estate at PGIM, stated, “The sale of this Munich location realizes the value generated from obtaining planning permission and grid connection.” This deal demonstrates our proficiency in recognizing suitable properties in urban regions and converting them into suitable data center developments, thus enhancing value for our investors, local businesses, and end-users.
As a global asset management company, PGIM is a subsidiary of Prudential Financial, Inc., which is listed on the NYSE. With a total of $1.5 trillion in assets under management. The company’s property division ranks as the globe’s second-biggest real estate investment manager, overseeing assets worth $219 billion.
PGIM Real Estate has collaborated with Equinix on several hyperscale projects and offloaded a California property intended for data center development to Amazon in the past. The firm had previously possessed a collection of US data centers which were subsequently purchased by Menlo Equities from Digital Realty.
In the beginning of this year, a corporation secured a development location in Melbourne, Australia.. NTT possesses a data facility in Unterschleißheim, which initiated operations in 2017; nLighten, Portus, Equinix, NorthC, and EdgeConneX are presently managing data centers throughout the Munich locale..
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