Bulloch commented: “Australia remains a strategic growth driver for PGIM’s real estate business in Asia Pacific. As we continue to invest throughout the region, the breadth and depth of Sam and Stuart’s expertise will not only strengthen our Australian debt and equity capabilities, their significant experience, capital relationships, and leadership skills will also be invaluable to our broader business.”

“The Australian market is well positioned with structural and cyclical drivers fuelling continued rental growth and relatively attractive asset pricing in many sectors. The shift across global credit markets from traditional bank lenders to alternative capital sources will continue to present compelling opportunities for institutional private lenders like PGIM. With the exciting opportunities ahead, Sam and Stuart will be instrumental in driving our next stage of growth,” he added.

As the world’s third-largest real estate investment manager,¹ PGIM has a robust history of investing through market cycles with its strong on-the-ground origination and asset management capability. Since establishing a footprint in Australia in 2011, the team has built a track record of over 50 real estate debt and equity investments across all asset types and major cities in Australia, with a total loan and transaction volume in excess of AU$5.5 billion (US$3.7 billion).

Biographies:

Sam Mellor, Head of Real Estate Debt – Australia, PGIM

Sam Mellor has 27 years of experience across public and private markets in Europe and Asia Pacific, with a track record in real estate credit origination, portfolio management and capital raising.

Mellor was formerly head of Europe and Asia Pacific real estate credit for Barings Asset Management, where he expanded its European credit platform and established its real estate credit business in Asia Pacific. Prior to this, he held senior roles in banking and investment management across the United Kingdom and Europe, including at Chenavari Investment Managers and ABN AMRO Bank.

Stuart Carr, Head of Real Estate Equity – Australia, PGIM

Stuart Carr has over 20 years of real estate experience, with expertise across investment management, transactions, M&A and development.

Carr was most recently head of investment strategy and origination at Dexus, where he expanded its alternatives business and oversaw opportunistic fund deployment across multiple sectors in Australia. Prior to this, he held senior roles at Lendlease and has originated and executed more than AU$10 billion of transactions in Australia and the United Kingdom.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than US$1.44 trillion in assets,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 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

Prudential Financial, Inc. 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 June 2025. Net AUM is US$138 billion and AUA is US$47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024.

² As of 30 June 2025.