"This combination with TMW, one of Europe's top real estate investment managers, capitalizes on the respective strengths of each organization and strengthens our position as a global asset manager," according to Charles Lowrey, CEO of PREI, which is the real estate investment and advisory arm of Prudential Financial Inc.
"Additionally, this new alliance complements and expands our long-standing activities in Europe handled through PRICOA Property," Lowrey adds.
As part of the transaction, ERGO Trust and Provinzial Rheinland Versicherung, TMW's largest shareholders and investors, both based in Dusseldorf, will participate in a joint venture with PREI and TMW's management shareholders to develop real estate investment products tailored to TMW's clients in Germany, Switzerland and Austria. ERGO is a subsidiary of the ERGO Group.
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