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PGIM Real Estate, on behalf of its core debt strategy, has provided $415 million in fixed-rate financing to an institutional real estate investor on a cross-collateralized pool of 11 newly built industrial assets across the U.S. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU).
The 11 industrial properties are located in California, Nevada, New Jersey, Pennsylvania and Texas and total approximately 4.9 million square feet.
"PGIM Real Estate is pleased to provide this financing, especially during such a volatile time in the market when others are sidelined," said Paul Geyer, managing director at PGIM Real Estate who led the financing. "Through our core lending strategy, we continue to maintain a strong presence in the industrial sector, and we will continue to seek opportunities in that asset class across our core, core plus and structured lending strategies."
