PGIM Real Estate acquires Magnet Portfolio in Hamburg

PGIM Real Estate has acquired the Magnet Portfolio in Hamburg, which was sold by Rockspring Property Investment Managers LLP on behalf of TransEuropean V Property Partnership Limited. The purchase price was not disclosed in the announcement. The three buildings, located in Hamburg Langenhorn, offer a total of 27,600 sqm of leasable area. “The combination of strong cash flow and the potential for expansion offered by the Magnet Portfolio makes this an ideal acquisition,” said Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate.