Press Release PDF - A&A Liegenschaften

Pramerica Real Estate Investors Limited
5 th Floor Queensberry House
3 Old Burlington Street
London W1S 3AE
For Immediate Release Contact: Richard Sunderland
10 May 2006 +44 (0)20 7920 3150
PRAMERICA REAL ESTATE INVESTORS GAINS €201 MILLION
SWISS PROPERTY PORTFOLIO THROUGH THE ACQUISITION OF
A&A LIEGENSCHAFTEN SCHWEIZ AG
LONDON – Pramerica Real Estate Investors (“Pramerica”), announces today that it has
acquired A&A Liegenschaften Schweiz AG (“A&A”), a private Zurich-based property company.
Pramerica’s London-based merchant banking team structured the acquisition on behalf of
institutional investors in its core and opportunistic funds, providing them with increased exposure
to Switzerland, a country that is enjoying a recovery of its property markets and is showing solid
economic growth prospects. Pramerica is the European real estate investment management and
advisory arm of Prudential Financial, Inc., of the United States (NYSE: PRU).
A&A is a private real estate development and asset management business, operating in
the Swiss office, retail and residential sectors. It was founded in 1998 with the backing of a number
of blue-chip investors, by Thomas Kurer, who has 25 years experience in the Swiss real estate
market and is the current CEO. As part of the transaction, an option agreement is in place which
will see Thomas Kurer acquire a significant stake in A&A from Pramerica in the coming months,
thereby aligning his interests with those of the company. In addition, Pramerica will provide
further capital for the continued development of A&A’s business as well expansion capital for new
projects and acquisitions. The terms of the transaction were not disclosed.
A&A exploits the yield potential of real estate and aims to generate above average
returns through entrepreneurial and proactive asset management. A&A acquires properties as well
as real estate companies with existing revenues, where there is the potential to grow income and
value consistently. Its property portfolio currently comprises 15 assets with a gross lettable area of
approximately 109,000 sq.meters and a book value of approximately CHF 314 million (€201
million), as of 31 December 2005.

The assets are distributed over prime locations in major cities and along main business
development routes. One of A&A’s most recent developments is the Centre Azur on rue du Grand-
Pré 64-66 in Geneva (http://www.grand-pre.ch/), which is leased mainly to Sovereign Institutions.
Commenting on the deal, Jonathan Short, head of Pramerica’s London-based
merchant banking team, said: “The acquisition of A&A provides our investors with strong and
diversified exposure to the Swiss property market, which is enjoying a recovery and is backed by
solid economic prospects. Thomas Kurer and his team have an excellent track record in property
development and asset management in Switzerland and we are committed to their continued
repositioning of A&A’s existing assets, as well as new development projects and acquisitions”.
Thomas Kurer added: “Pramerica’s acquisition of the business is not only a strong
endorsement of what we have achieved at A&A, it also provides us with the backing and resources
of a single shareholder which will allow us to focus on the continued growth of the business. We
look forward to working with Pramerica and using its team’s capital and knowledge to expand our
activities in Switzerland”.
Notes for editors:
(1) Pramerica Real Estate Investors
Comprised of fund management centres in the United States in Parsippany, N.J., and Atlanta, Ga.; and
globally in Munich; London, Singapore and Mexico City, Pramerica Real Estate Investors is supported by a
network of local offices throughout the world. Its specialized operating units offer a broad range of
investment opportunities and investment management services in the United States, Europe, Asia and Latin
America. Pramerica managed $21.2 billion in net assets under management as of March 31, 2006. For more
information, visit www.pramericarei.com.
(2) A&A Liegenschaften Schweiz AG (“A&A”)
A&A is a private real estate development and asset management business headquartered in Zurich,
Switzerland. For more information, visit http://www.aaliegenschaften.com
(3) Prudential Financial, Inc.
Pramerica Financial is a tradename used by Prudential Financial, Inc., a company incorporated and
with its principal place of business in the United States, and its affiliates in select countries outside
the United States. Prudential Financial and its affiliates, with approximately $547 billion in total
assets under management as of March 31, 2006, serve individual and institutional customers
worldwide and include one of the largest life insurance companies in the United States. These
companies offer a variety of products and services, including life insurance, mutual funds, annuities,
pension and retirement-related services and administration, asset management, banking and trust
services, real estate brokerage franchises, relocation services and, through a joint venture, retail
securities brokerage services. For more information, visit www.pramericafinancial.comT. Prudential
Financial is not affiliated in any manner with Prudential plc, a company incorporated in the United
Kingdom.