FRANKFURT, 25 Feb. 2026 – PGIM has provided a €325 million senior loan to refinance a grocery-anchored, geographically diversified retail portfolio across Germany to Centerscape, the retail platform of a U.S. state pension fund. PGIM’s real estate business is the world’s second-largest real estate investment manager with US$216 billion in assets under management and administration globally1.
Completed on behalf of PGIM’s senior debt platform, the loan combines fixed and floating rates to refinance a portfolio of 85 assets. The properties are distributed across most German federal states with the majority of assets located in densely populated areas such as Rhein-Ruhr, Greater Berlin, Rhine-Main, Greater Munich, and Hannover-Braunschweig-Göttingen-Wolfsburg. The portfolio further benefits from a well-diversified tenant base with major tenants including the largest German grocery retailers.
“Driven by strong occupier and consumer demand, grocery-anchored retail continues to be an attractive investment and lending sector in Germany and beyond”, Jürgen Helm, head of European Senior Debt Originations, commented. “We are pleased to provide financing to Centerscape, whose experience and long-term investment horizon together with the portfolio’s strong asset- and tenant mix create a compelling opportunity for alternative lenders like PGIM.
“This deal underscores PGIM’s conviction in asset classes underpinned by strong fundamentals and our ability to provide tailored senior debt solutions to experienced sponsors”, Helm added.
Through its comprehensive debt offering, PGIM’s real estate platform offers full access to investment opportunities within the capital stack in select markets, with US$134 billion under management or advisement2 in strategies ranging from senior loans secured by core stabilised property to enhanced credit and higher-yielding products.
“We are very pleased to partner with PGIM on this financing, which we see as a strong validation of Centerscape’s strategy to focus on high-quality, grocery-anchored properties in Germany”, said Anton Bashtavy, head of Corporate Finance Germany at Centerscape. “PGIM’s deep expertise in senior debt and its tailored approach to structuring solutions for experienced investors make it an ideal partner for us, and we are excited to begin a long-term cooperation.”
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with US$1.5 trillion in assets under management.2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and other retail investment vehicles. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
PGIM’s real estate business is the world’s second-largest real estate investment manager, with $216 billion in gross assets under management and administration,1 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of 30 Sept. 2025, AUM reflected as gross. Net AUM is US$139 billion and AUA is US$49 billion. PGIM’s real estate business is the second-largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of 30 June, 2025. Participation in the ranking is voluntary, and no compensation is required to participate in the ranking.
2 As of 31 Dec. 2025.
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In the United Kingdom, information is issued by PGIM Fund Management Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Fund Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Fund Management Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Fund Management Limited or PGIM Limited in reliance of provisions, exemptions, or licences available under the temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Fund Management Limited and PGIM Limited have their registered office at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Fund Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). These materials are issued by PGIM Luxembourg S.A., PGIM Fund Management Limited and/or PGIM Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA.
REF: 5229950
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