Prudential to Acquire TMW's German, US Real Estate Operations

October 23, 2002 ( - Prudential Real Estate Investors (PREI) has agreed to acquire TMW Immobilien AG in Munich, Germany, and TMW Real Estate Group in Atlanta, PREI announced.

PREI is the real estate investment and advisory business of Prudential Financial, Inc.

As part of the transaction, ERGO Trust and Provinzial Rheinland Versicherung, TMW’s largest shareholders and investors, both based in Duesseldorf, will participate in a joint venture with PREI and TMW’s management shareholders, the announcement said.

The deal is to develop real estate investment products tailored to TMW’s clients in Germany, Switzerland, and Austria, according to the announcement.

Terms of the transaction, which is pending regulatory approval, were not disclosed.

According to the announcement, the transaction gives PREI the opportunity to offer products to a new audience of German institutional, retail and high net worth individual investors.

The combination will also expand PREI’s network of offices outside of the US, which includes the U.K., Germany, Belgium, Singapore and Brazil. TMW has offices in France, Italy, Spain, Portugal, Holland and Switzerland, in addition to its offices in Munich and Atlanta.

In the US Thomas McWhirter, the US founding partner of TMW, will lead a portfolio management team that will focus on TMW’s existing German-based accounts specializing in core investments.