Pramerica Real Estate Investors, the European arm of the real estate investment and advisory business of US-based Prudential Financial, has formed a €120 million joint venture with Hagen Kahmann and Julian Brown, the founders and principals of Kauri CAB Management GmbH. The Luxembourg-based partnership, Preco Kauri CAB Sarl, will invest in residential property in Berlin. The investment was made on behalf of investors in Pramerica’s PRECO IV fund.

“Pramerica has a strong track record of investing in German residential assets and we believe this market, if approached correctly, presents a significant opportunity to create value for our clients,” says Philip Barrett, managing director of Pramerica.

The joint venture had alread