Pramerica Real Estate Investors, part of US group Prudential Financial, has acquired two adjacent retail properties in Würzburg, in the northern tip of Bavaria, Germany for around EUR 40 mln. The acquisition was made on behalf of a spezialfonds of the group's German arm, TMW Pramerica Property Investment.

The assets, which offer nearly 30,000 m2 of retail space, were acquired from Provinzial Rheinland and DIC Asset, a Pramerica spokesperson said. They are located near a recently-opened Ikea store and are fully leased to Media Markt and Hornbach.

Pramerica's portfolio manager Friedrich von Carlowitz said the purchase was completely financed out of the own cash resources, to reduce the use of borrowing costs.